Friday, February 25, 2011 Press Coverage of Estate Planning this Week (February 25, 2011)
Jeff Haden of BNET writes about the importance of business succession planning for the unexpected injury or illness of the business owner. Solutions to some of the more common problems include purchasing life insurance for liquidity purposes, ensuring the second in command has the necessary authority to make important business decisions if the need arises, and having a revocable living trust to ensure the business doesn’t end up subject to probate. See Today’s To-Do List: Create a Succession Plan for the Unexpected (Feb. 24, 2011).
Bernard A. Krooks of Forbes discusses how to plan for digital assets, including online financial accounts, merchant accounts, social networking accounts, and online storage of photos, among other things. Consider naming a “Digital Executor” who is comfortable with technology and inform them of the person or location that has a printout or flash drive containing your key information for accessing digital accounts. See Digital Estates: The New Frontier (Feb. 23, 2011). |