Succession planning is usually delayed for an understandable reason — it requires confronting questions families would rather not raise. But the cost of delay is real.
What a Succession Plan Actually Covers
- Ownership transfer structure — how shares, partnership interests or assets will move
- A will, reviewed and kept current as circumstances change
- Gifting strategy — using lifetime gifts to manage tax exposure
- Governance for the next generation — who makes decisions, and how
Why This Is a Tax Conversation Too
How assets are transferred — gift, inheritance or sale — carries materially different tax consequences. Structuring this in advance is often the difference between a smooth transition and a dispute settled in court.
Right Structures to Consider
- Private Family Trust — protects assets from disputes and provides tax-efficient succession
- Partnership to LLP/Company conversion — cleaner ownership for multi-generation businesses
- Will with testamentary trust — protects minor children or differently-abled family members
- Buy-sell agreements — ensures business continuity if a partner exits
The families who avoid disputes are rarely the ones with the least to pass on — they are the ones who documented the plan earliest.
Our estate and succession team works confidentially at the family's pace. Begin the conversation →