Navigating the complexities of family business succession involves more than just transferring leadership and assets; it’s about balancing deep-seated emotions with practical considerations. This process is critical in managing familial relationships and expectations during a transition. How do you ensure a smooth handover while honoring the legacy and emotional bonds inherent in a family business?…
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Difficult Conversations, Part III: Guardianship for Minor Children
You are a young and growing family. Your young child is now 2 and you are starting to come out of the haze of having an infant. Now, you may have the wherewithal to tackle estate planning matters. Many of my clients come to me for the first time when their first child is about…
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Difficult Conversations, Part II: Your Parent’s Estate
Your parents are off enjoying retirement and seem to have a handle on their personal matters. But, do you know what their plan is if anything happens to either of them? Have you asked them about their wishes if incapacitated or worse? Many parents, especially in Minnesota, are reluctant to discuss financial/personal matters with their…
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Difficult Conversations, Part I: Dad’s Forgetfulness
This is the first in a series covering how you may handle difficult conversations. You go home to watch the game with Dad one Sunday and notice he seems to be forgetting things. Not the usual: where did I put my keys. More like: “Dad, I just told you the same thing a couple minutes…
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