Business Owners Can Use Their Personal Profits for Future Generations

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By Tommy Wyher

As a business owner, it’s easy to get caught up in the finances of your business, and forget about what you take home. When we do consider it, we tend to think about our own money as a store of value that only benefits ourselves. In the short term, that may be true. Your money may be spent primarily on your own enjoyment, on your needs and wants, and on your future security. But if you live long enough, you start to realize that “you can’t take it with you”. For this reason, it’s never too early to think about who’s going to get your money and estate when you die. Thinking this way turns your business into a way to help your family and loved ones for generations to come.

A will is easy enough to draft, but this document by no means guarantees that you will have something to pass on when you pass on. If it’s important for you to leave something of value to the next generation, even if that generation isn’t even born yet, there are some well-worn paths to follow for success.

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