Managing wealth is a common concern for older people looking to support themselves in retirement, minimize tax implications, and provide for future generations or meaningful causes all at the same time.
In your family common issues can emerge that can impact the estate planning process and your intentions for supporting loved ones during your life and after you pass away. Any family with wealth should consider these planning opportunities, but it’s even more important if there’s a business in question.
For example, if a family-owned business is a significant driver of wealth, this can complicate the situation even more, especially if older family members responsible for leadership roles in the business are interested in leaving their position soon, and if the next generation has varying levels of interest or does not want to step up at all. This requires a comprehensive business succession plan that incorporates multiple aspects of effective strategy.
Working with a qualified estate planning attorney and business succession planning lawyer can help to identify some of the gaps in your current plan and to ensure that you have the ability to get back on track. You may need to tap other key employees or hire other individuals to manage the transition and leadership of the company after you pass away, which can help to protect your interests and continue serving clients or customers.
Having an open and honest conversation about your business succession planning intentions is a great first step.