wadvisor's recorded Video - Nov 02, 2009 Video

Peter and Lois are 70 and 69 years old respectively. They have five grown children and 13 grandchildren. They are in relatively good health and are a close family. A number of years ago Peter started a non profit which he runs very much like a family business. Two of his sons work in the organization and Peter expects that they will take over the business whenever he decides to step down which is expected to be in the next two or three years.
The family net worth is $20 million with about $3 million of that in Peters IRA. Peter and Lois have about a $700,000 lifestyle that they would like to maintain. While traditional business succession is not an issue, the transfer of the balance of the estate is extremely important.