1. Focus on goals, not tactics. A strategic plan is not a business plan. It’s essential that your family business clients understand the difference. A strategic plan revolves around setting business goals over the medium-term, setting a direction for the firm. A business plan, on the other hand, lays out specific actions a company must take in the next year to make the strategic plan a reality. The two work hand-in-hand. Although having a good business plan is crucial, it may
Many Baby Boomers are neglecting a key part of their retirement plans — creating an estate plan. And while death is not a pleasant thing to think about, death without an estate plan can create havoc for your surviving family members, financial planners warn. "I think that on a list of things to do, it's at the bottom, if it even makes the list," says Nicole Hart, director of trusts and estates at Sontag Advisory, a New York-based wealth adviser. It's important not to look at
A 2015 survey found that 64 percent of Americans don’t have a will. See review of survey below. In a blast from the past, we took a look back at a July 1927 article published by Trusts & Estates, to compare the rationale then and now as to why so many individuals defer the drafting of their wills and explain why our generation’s reasoning is flawed. In 1927, the top reasons were: * A superstitious fear that making a will inevitably ushers in death faster.
* Mental laziness—p