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The Parental Responsibility of Estate Planning

Tax-savvy ways to ensure that your children are financially secure after your death

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This story appears in the February 2010 issue of Entrepreneur. Subscribe »

One of the fringe benefits of being a successful entrepreneur is that you can afford to be generous to your kids. Giving them an extra card on your account, taking them on a Caribbean vacation and paying for an Ivy League education can all be done without breaking the bank.

But when it comes to transferring real wealth to their children, many entrepreneurial parents never get around to it. They're just too busy running their businesses to think about planning for an event--their death--that might be decades away. That can have devastating tax consequences if they die before they put an estate plan in place.

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