Not all children work in the business...,

Caveat: This is a very flexible practice area, it has to be, but ideas are discussed here, probably never all the solutions, and specific circumstances will change the discussion.

We often confront the issue of treating "different but equal" children equally, when one works in the business.

If the bulk of a business owners estate is the value of the business, it presents one set of challenges. If there is outside wealth, it is often more of a balance sheet/accounting issue on dividing assets, planning for the distribution and conditions imposed by the Testator/Settlor for use by a surviving spouse and heirs.

Different strategies can be employed, part of the fun in this practice, and the ideas do not work for everyone. In smaller companies, depending on profitability and relative assets of a son or unrelated "key man" in the company, insurability of the owner, and the end objectives, insurance to fund or partially pay for the stock at owner's death may allow division of the insurance "asset" to equalize, payment provisions for the company to fund out of earnings may work as the solution or part of the solution. Valuation, cash flow, needs of the various economic needs of the parties must be considered and a plan implemented.

Non-qualified, qualified retirement plans, bonus arrangements, etc. can be tailored to work together to meet their objectives. Willingness to do something is the key, and it must be coordinated with their estate plan, and it all must be evaluated in light of the "effectiveness" under current tax law of the various transfers.