Grant Bux’s daughter Kathy “Kitten” Bux is quite the singer. She had her own record deal when she was 15 and hit it big when she became the executive producer of her fifth studio album at 26. But then, depending upon who you ask, Kitten had emotional and mental issues that prompted Grant to ask for a guardianship of Kitten. The Court decreed a guardianship; Grant is the guardian. Can a parent take over the responsibility for the physical and financial well-being of their adult child? If so, how, why and for how long?
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Family Matters: Can a Family Business Succeed Without a Contingency Plan for Divorce?
Realizing last month that, at age 65 he’s ready to think about his family business succession plan – especially for Buxboro State Bank, Big Daddy Ernest Bux identified his checklist: Plan for Contingencies, Establish Goals, Plan Entity Structure and Transfer, Complete Estate Planning, Identify Decision Makers, Identify Successors, Determine Exit Strategy, and Implement Document Maintenance and Control. Must Big Daddy’s family business have a contingency plan for divorce to succeed?
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How can a Family Business Succession Plan be Successful?
Finishing a best-year-ever 2018 and being questioned daily by his second wife Anna Nicole about making her children officers and owners of the family business Buxboro State Bank, Big Daddy Ernest Bux concludes, at 65 years old, that it’s time to think about a family business succession plan. What should Big Daddy do? Is he likely to succeed?
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The Coming Silver Tsunami: Families May Lose 70% in Wealth Transfer
Record Wealth Transfer. Over the next 30-40 years about $12 trillion from those born in 1920s and 30s will be transferred to the baby boomers, and the boomers are expected to transfer some $30 trillion to their heirs, with more than an estimated $59 trillion transferred from 93.6 million American estates from 2007 to…