Personal Finance Retirement

What are some good financial retirement plans for parents after passing on family business?

I am taking over the family business soon (Worth approx. $500,000) My parents are worried on how they will still sustain financial freedom after passing on their company to me. It is primarily a cash business and I want for them to retire without having to worry about money. They have savings but nothing is in the bank. (Old Asian generation mentality) I propose treating them like company board members that take a certain percentage from the business, while I keep the rest for expansion opportunities. What will be fair for both sides? Thank you.

Public Comments

1. In the U.S. this could part of "estate planning." Even if you are not resident here, might try getting some of the info. As you are aware, there are tricky issues involving money, taxes, emotions.... I commend you for caring about taking care of your parents. "A certain percentage" sounds to me to be fair.