Before you commit, familiarize yourself with the risks and rewards of serving as a board member or director.Potential board members and directors should perform thorough due diligence on an organization, in the same manner you would before accepting a position with a for-profit firm.Don’t hesitate to query the organization’s financial circumstances, leadership, mission, and future plans.
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Proper Planning Eases the Burden of Estate Settlement
Estate settlement should be as straightforward and non-disruptive as possible for your family.Proper planning can make estate settlement a smooth process for all concerned by ensuring that all legal and tax requirements are met.Having a current will in place is a critical first step and will ensure that your wishes are carried out as you intend.
Passing on Wealth and Values with Irrevocable Trusts
After a lifetime of accomplishment, wealthy individuals often want their legacies to reflect not only what they did, but who they were.An irrevocable trust is an important financial planning tool for minimizing estate taxes.It also offers a unique ability to transfer to succeeding generations the values that guided the trust’s creator.Passing on personal values through irrevocable trusts may also involve a family’s philanthropic goals.
