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Sometimes you can substitute hard engineering for easy financial engineering and when you can you should strongly consider it.
General thought but I've got a specific instance which brought it up today:
General thought but I've got a specific instance which brought it up today:
A number of my friends and birds-of-a-feather on the Internet run closely-held companies which range in scale from side project to materality. Below some cut-off, succession planning is hard.
Common question: If I die, what happens to this thing that throws off $Xk per month?
Common question: If I die, what happens to this thing that throws off $Xk per month?
And you can do a really involved engineering + legal project to have a will, corporate structure, defined processes, consultancy on retainer ready to step into the breach, etc etc.
Or you can buy a big fat term life policy on yourself and, if you die, family covered servers not.
Or you can buy a big fat term life policy on yourself and, if you die, family covered servers not.
