As his attorney, your client, Ernie Entrepreneur, now seeks your advice on estate planning Ernie has...

 

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As his attorney, your client, Ernie Entrepreneur, now seeks your advice on estate planning Ernie has been operating his business successfully now for about two years, and is concerned as to what will happen to the business and to his personal assets were he to dic. Ernie has a spouse and a one year old son, Ernie Jr. If Ernie, Sr., were to die, can he provide continuation of the business for the benefit of his workers, etc.? Would his spouse and son be provided for from the business? What about the business loans? Who would have to pay them? What if both Ernie and his spouse die simultaneously, leaving their minor son? Who would be legally responsible and provide for him? Please advise your client as to the following 1. Wills 2. Trusts 3. Powers of Attorney 4. Administration of Estates 5. Business succession options What additional information would you need from your client to properly advise him? Please submit to Professor Beier by the due date, your recommendation for your client, Ernie Entrepreneur. Be Complete!!!! As his attorney, your client, Ernie Entrepreneur, now seeks your advice on estate planning Ernie has been operating his business successfully now for about two years, and is concerned as to what will happen to the business and to his personal assets were he to dic. Ernie has a spouse and a one year old son, Ernie Jr. If Ernie, Sr., were to die, can he provide continuation of the business for the benefit of his workers, etc.? Would his spouse and son be provided for from the business? What about the business loans? Who would have to pay them? What if both Ernie and his spouse die simultaneously, leaving their minor son? Who would be legally responsible and provide for him? Please advise your client as to the following 1. Wills 2. Trusts 3. Powers of Attorney 4. Administration of Estates 5. Business succession options What additional information would you need from your client to properly advise him? Please submit to Professor Beier by the due date, your recommendation for your client, Ernie Entrepreneur. Be Complete!!!!

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The road to entrepreneurship is often a treacherous one filled with unexpected detours roadblocks and dead ends There are lots of sleepless nights plans that dont work out funding that doesnt come thr... View the full answer