Boston, MA-based Lake Street Advisors, the wealth management firm, has issued a discussion paper focusing on the need for entrepreneurs and spouses to share the burden of family finances, particularly to prepare for when a business owner dies.
The paper, entitled The Entrepreneur's Legacy: Preparing Family Finances for a Business Owner's Passing, is written by Judith Schreiber Rowland, a senior relationship manager at Lake Street.
"With years tied up in running a company, successful entrepreneurs and their families can find it daunting to ensure a seamless transition of managing the finances," said Rowland. "A foundation of knowledge and confidence must be laid to overcome this. Families should prepare for the inevitable passing of the business owner well ahead of time and trust that their team can guide them through the steps necessary to take the reins."
For more information on issues like protecting family assets and easing the learning curve for managing family wealth, please download the paper at this link.