Succession Planning Without the Succession

There are few matters of wealth management more fraught with tension than estate planning. Preparing to transfer wealth and assets to your heirs can involve emotions, family dynamics, legal structures, and a host of major and complex tax implications. The challenges around succession planning are also exacerbated because of the so-called Great Wealth Transfer from the baby boomers to a generation of heirs that may have a different view of money. While the challenges are real, common sense and some best practices can help families work through their succession plans and wealth transfer without family drama.