What if my family cannot see eye-to-eye about our succession planning goals?


Well, if the family cannot see eye to eye about business succession goals, then as their attorney or their counselor, I’m going to recommend that we employ the services of a business psychologist or a consultant to work with the family to help them see eye to eye. Otherwise, we’re going to have a disaster when the senior generation is no longer able to manage the business, and there might end up being squabbling or worse between siblings. It’s a tough situation. Someone other than the estate attorney probably needs to get involved at that time.

Note: The Tax Cut and Jobs Act of 2017 signed into law in December 2017 increased the exemption amounts mentioned in these videos. The personal estate, gift, and generation-skipping tax lifetime exemption was increased to $11.18 million per person. The annual gift tax exclusion was increased to $15,000 per donee per year.

Both amounts are indexed for inflation and may increase year over year until December 31, 2025, when the law sunsets and reverts to 2017 values.