Masonry Magazine October 2004 Page. 35
This type of complex family history dramatically emphasizes the need for clear estate planning. A history of multiple marriages increases the chances for division amongst your loved ones over how your estate should be divided. The best way to reduce infighting over your estate is to provide clear distribution instructions in your will.
Business Impact
If you own all or part of a business, all of these issues raised above become even more complicated. Your business ownership interests may pass to family members who are not qualified to run your business. This may impact the value of their inheritance interests rapidly. You should plan in advance for business ownership transition to ensure that your business partners and family are both able to maintain the business and to provide for your loved ones' wellbeing in your absence.
Conclusion
Facing the certainty of our own demise is difficult for all of us. It is all too easy to simply avoid the topic and not plan properly. That path can lead to serious problems in business, conflict amongst family members, and a failure to provide for your loved ones. It is difficult enough for your loved ones to deal with your permanent absence. A clear plan of action through advanced health care directives, powers of attorney and sound estate planning can eliminate many financial and legal pressures that only make a bad situation far worse.
Timothy R. Hughes, Esq., is the principal of the Northern Virginia law firm of Hughes & Associates, P.L.L.C. He specializes in construction litigation, corporate- and business-related representation and complex civil litigation. He may be reached at tim@hughesnassociates.com, or by phone at (703) 671-8200.
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This article is not intended to provide legal advice, but to raise issues on legal matters. You should consult with an attorney regarding your legal issues, as the advice you may receive will depend upon the facts and law of your jurisdiction.
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October 2004
Masonry 33