Danny and Suzy are married with two young children. They own a franchise in Aust

Question

Danny and Suzy are married with two young children. They own a franchise in Austin, TX, currently worth $8,000,000 and growing. Danny also has a child from a previous marriage who he would of course like to provide for after death along with his children from the current marriage. Danny has no living parents, and Suzy has a living mother in good health at age 68. Additionally, Danny has inherited $2,000,000. What general estate planning strategies should these two complete in order to protect their property and provide for their children after death?

Any starting off point would be greatly appreciated. Thank you

Explanation / Answer

In order to provide for their children after death it would be wise for both of them to create wills, which would basically state how and where the remainder of their money will be distributed. They would also need to make sure that once they die that the funding will still actually belong to them from the Franchise. Not just this but perhaps they would need to make a contract before hand stating that their children would inherit the franchise so that way it does not go to waste and the profits could still belong to their children. Another good strategy would be to put their money into a savings account so that way they could at least fend off the inflation the money will encounter as time passes. This will ensure that therewith children would receive the face value of the dollars worth and not some degraded version that has suffered a depreciation in value.

Hope this helps, good luck.

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