Many accounts fall into the category of payable-on-death that generally transfer outside the probate process. POD options are common for checking and saving accounts and CDs. Transfer-on-death (TOD) provisions are common for 401(k)s, IRAs and other nonretirement brokerage accounts.
This week we celebrate the start of spring (March 20) as well as World Down Syndrome Day (March 21). The National Down Syndrome Society (NDSS) encourages people to commemorate the day with a “virtual” 3.21 event. Run, walk, bike, hike, swim or move 3.21 miles to celebrate and raise awareness.
Many people have heard of the recent phenomenon of “döstädning” — Swedish death cleaning. The idea is that a person should sort through and pare down their possessions in anticipation of death so that family will not have to do it.
At our law firm, we help small-business owners in Colorado plan for the eventual exit from their commercial enterprises by developing creative, comprehensive business succession plans. In part 1, we introduced the idea of creating a business exit strategy for the eventual departure of the owner or founder of the business, which could be either unplanned such as because of disability, a planned retirement or several other potential scenarios.
Across our state, innovative, hardworking people are starting or operating small businesses in a wide variety of industries and professions. Commercial endeavors as diverse as a downtown boutique, a dental partnership, a plumbing service and a tool-and-die manufacturer have an often-overlooked need: a sound, well thought out business succession plan.