What you’ll learn about in this episode:
- Obstacles family businesses encounter when planning for the succession of their business.
- The methods that Steven uses to help business owners navigate these obstacles.
- Steven addresses the effect on a family unit when the leader or CEO of a family business falls ill or suddenly passes away.
- Steven explains how people have (or haven’t) become more proactive in the era of COVID.
- Hear Steven’s advice about life insurance and why not everybody needs insurance.
- Those that 100% should have life insurance: young parents and primary income earners.
- For those that are really wealthy, they can live comfortably off their assets, but there are also the perils of estate tax.
- The questions you should be asking insurance brokers, like “Are you a broker or an agent?”
- A lot of times, the financial products you’re sold won’t suit your needs; figure out what works.
- While Steven recommends working with a broker, it doesn’t mean all brokers are trustworthy!
- Hear the differences between life insurance offerings and how to avoid being underinsured.
- Steven makes an analogy with investment; you don’t put all your money into one stock, so make sure you diversify your life insurance.
- Some of the common mistakes Steven sees people make when establishing wills and trusts.
- Picking a guardian for your children and a trustee: Steven goes over whether or not it should be the same person.
- Steven cautions that people do stupid things when money comes into play; it’s human nature.
- Why Steven recommends his clients revisit their estate plans or wills every three to five years.
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