Have you ever heard the term “sticky wicket?”
Some people employ that expression to describe an especially difficult or delicate problem that seems resistant to an easy answer. We submit that the phrase is apt in many instances when parents in Arkansas and elsewhere entertain a specific question from an adult child.
Namely, that is this or some variant thereof: “Mom and dad, would you be willing to invest a significant amount of money in a business idea of mine that I think will be profitable?”
Well, there. Many parents’ hearts likely stop for a moment upon hearing that. Maybe junior is a flat-out entrepreneur destined for commercial success. Conversely, though, handing over substantial assets might be akin to throwing kindling on a fire in a rainstorm.
Either way, notes a money columnist in a recent national article on that subject matter, there will be a reckoning. Due focus must obviously be placed by parents on the proposed business idea itself. That encompasses regard for whether a requisite amount of homework and advance preparation has been done to increase the prospects for success.
There is another important tangent too, though, especially if junior is coupled with other adult children in the family.
And that is in the estate planning realm. The above article fundamentally underscores the critical importance of timely candor and transparency with all siblings in any situation where one of them is being held out for special treatment.
A central point concerning that rests on the notion that it is indeed possible for an estate plan to be fundamentally fair to all siblings even when it is predicated on dissimilar outcomes for the children.
At heart, the planning process is flexible and creative, with there often being a number of ways for creators to instill outcomes that are equitable for all heirs.
A law firm with a deep team of experienced estate administration attorneys can provide further information.