Have you heard of a “rabbi” trust?
Did somebody say “rabbit” trust? Let’s talk about an interesting type of trust – the “rabbi” trust. Named for their originator, a rabbi and his congregation, these trusts are occasionally used by employers to provide key employees with compensation in an irrevocable package. In essence, rabbi trusts are a type of irrevocable trust. […]
Easy Business Succession Planning
Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation retires, or worse yet, dies unexpectedly.