This month’s Business Bytes highlights family offices, young family estate planning, and politics in the workplace.
Family Office vs. Family Ownership. Large families with extensive assets, businesses, and varying levels of ownership may benefit from a family office that assumes the management of the asset portfolio separating management from ownership for the benefit of all. The purpose is to strengthen and future-proof the total enterprise and avoid or mitigate the divisiveness that comes from differing family positions. Creating a family office should be done with experienced and professional guidance. READ MORE.
Young Family Estate Planning. Estate planning is not just for older adults. It can be more important for young families whose concerns include what will happen to their children should catastrophe befall both parents, who will be their guardian, make healthcare decisions, and provide financial advice. Those and other concerns can be addressed by early planning, and it may provide financial and tax benefits. Young parents should not wait to establish an estate plan for their families. READ MORE.
Politics at Work. Free speech, workplace violence, productivity, off-duty activities, and workplace moral are all matters an employer should consider when addressing or prohibiting political speech or actions in the workplace. State laws and employment regulations should also be considered. Proper policies, training, monitoring, and legal counsel can help avoid employee problems. READ MORE.
