Dispute Management

THE FAMILY TRUST:  One of the Great Misnomers of Our Time

Published: 2007 05 04 | Views: 1576
Lawyers and accountants in the estate planning field often recommend setting up a trust to their 60- or 70-something family business clients. This is typically done for tax or creditor-proofing reasons and often in circumstances where the client does not feel comfortable leaving shares of the family business to the children or one or more of them. From the point of view of the client, this is a happy result. The question is how happy will it be for the children who might one day become next-generation owners of the business.

Healthy Family Outcomes

Published: 2005 07 21 | Views: 2085
The very nature of business often seems to contradict the nature of the family. Families tend to be emotional; businesses are objective. Families are protective of their members; business much less so. Families grant acceptance unconditionally. Businesses grant it according to one’s contribution. These and other conflicts can generate a good deal of ambiguity and stress for family members.
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