FAMILY BUSINESS: Reorganize family business to treat all children fairly
Many family-business owners have children who work with them in the business as well as children who do not. The challenge they face is simply put: How can they treat fairly those children who will not inherit the business? There may not be enough non-business assets to give to the children who don’t work in the business. Life insurance, payable to the non-business children, is sometimes suggested, if the business owner is insurable and the premiums are affordable. Some estate…