Dealing with families is often fraught with danger and planning in advance is critical. The advisor can play an important role in safeguarding both the wishes of the family and the asset base accumulated over the years. This paper explores some of the issues that have arisen in his experience as an advisor to high net wealth private groups. Itl covers:
- intergenerational transfers of family business and investments – succession planning
- the real family issues – operators and non-operators; non-business assets; timing and personalities
- developing a family succession strategy – problem heirs
- implementation and technicalities – intra-family agreements and family constitutions; wills and enduring powers of attorney; updating the documentation.