Problem
Answer the following questions in complete sentences ( >800words )
I. Provide a brief Summary of what the article is discussing.
II. Describe the problem or problems that the article is discussing, in particular how it relates to estate planning. Note: Imagine you're creating your own article from reading this article and perhaps others.
III. Put together an action plan or strategy for how you would approach them to discuss it with them? What will you say to them? What will you do if they say they'd rather not talk about it?
IV. What strategies will you recommend to help them given what you've learned from the article and from what you've learned in class as it pertains to estate planning? For example, will implementing the strategy you're recommending require them to update their will? Make sure you discuss those issues.
Read the following Case Study:
Jonathan who is 68, is the owner of a manufacturing business. His financial plan involves transitioning the business to his adult children over the next four years. He recently underwent hip replacement surgery. Unfortunately, his path back to recovery has been very slow and he has been unable to spend as much time working in his business. He does have a senior manager, whom he trusts that is running the company in his absence. A challenge has arisen recently as Jonathan's son is having second thoughts about his involvement in the business. Jonathan usually handles stress very well and is known for his calm demeanor in even the most challenging situation. But more recently, he's been having trouble managing his temper. He finds himself exploding with anger at small things. For example, during a discussion with a business valuator last week, Jonathan got extremely angry when the valuator informed him that his business was worth about a million dollars less than he expected. He's also found himself extremely impatient with his children and actually found himself crying as his daughter was explaining the challenges she's having with her brother. Jonathan has approached you, his financial planner to talk about some of these issues. He's concerned about his retirement plan, the transition and the valuation of his business. It's keeping him up at night because he's concerned that everything is falling apart. He still wants to transition his business to his kids but admits he's considered no other options. He'd also like to talk to you about his estate plan because besides the business, he's also got retirement investments in addition to real estate assets.
Answer the following questions in complete sentences (> 400word)
As Jonathan's Estate Planner:
I. Identify the challenges he's currently facing.
II. As his planner, what suggestions could you make to him that could help him ensure that his wishes and needs are satisfied, focusing heavily on his estate and the succession of his business. In other words, how would you address his challenges?