Family Legacy
You need support to set up the right framework to ensure your family legacy continues to thrive. We’ll help ensure your legacy continues to grow — both now and in the future.
Transitioning your business is a complex process. You need support to align your family’s expectations and maintain harmony — no matter whether you’re transitioning ownership, management, or transferring wealth to the next generation.
Our advisors can help you navigate complex family dynamics and ensure your legacy continues to grow. We can help you establish a governance structure to minimize conflicts, provide guidance to ensure your estate planning will support your goals, or create a structure for your philanthropic efforts so that you have the framework you need to achieve success. This will help ensure your family’s history and values are communicated for generations to come.
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An all-in-one advisor for your business
How can you make the most of your family business throughout every stage of its lifecycle? Our advisors provide support and advice from the beginning of your business journey to when you are ready to move on to the next chapter.
What's your challenge?
Maintain family harmony
Change can be difficult to navigate — and you need support to balance your family’s expectations and minimize conflicts throughout the transition process.
Set up a successful framework
Your family may be transitioning into philanthropy — and needs help to determine the best structure to meet your goals.
Align your goals
Wealth creates complexities, and you need help to ensure your estate planning will provide long-term financial security for your family.
How we help
Family governance
You need an effective governance structure to navigate complex family dynamics during the transition process. We’ll help you set up a structure to minimize conflicts, align everyone’s expectations for the transition, and communicate transparently throughout the process.
Philanthropy
Philanthropy is a powerful way to rally your family members together around a shared vision for the future — no matter how active they are in your business. Our advisors can help you choose the philanthropic structure that works best for you to embody your family’s values.
Estate planning
You need support to ensure your wealth achieves your goals for the future. Estate planning can help minimize the tax implications to your beneficiaries, eliminate conflicts with other documents such as your shareholders agreement, and distribute your assets according to your wishes.
Take the ExitSMART™ assessment
You’ve worked hard to create a successful organization. Are you building a plan to get the most out of what you’ve built?
Find out if your succession planning is on the right track with our ExitSMART™ assessment tool.
TransitionSMART™
During succession planning, there are many questions that need to be answered. Important questions that ensure you transition your farm on your terms.
Taking the TransitionSMART™ assessment is a fast and easy way to begin answering your questions.
SMARTPro
Now that you’ve progressed into the mature practice stage of the professional lifecycle, it’s time to check in and determine whether you’re prepared for what comes next
SMARTPro can help you self-assess the current state of your practice and develop a roadmap for the years ahead.
How we help you succeed
Who
A successful business was established decades ago — and several of the founder’s children and grandchildren still worked within the business while others pursued different careers. The family members who pursued different careers felt disconnected from the family legacy. Additionally, the founder felt like he had nowhere to focus his attention after he stepped down from a less active role in the business.
Challenges
The family decided to establish a philanthropic foundation to bring everybody together and work toward a common vision. However, they needed support to set up a structure that would help them achieve success and find a goal that they all would agree to support.
Solution
Our advisors sat down with the family to help them determine which framework would best meet their needs. They decided to set up a family foundation to support their philanthropic goals — and it helped them work together toward a common vision.
The children and grandchildren who did not work in the business felt more connected with their family history and legacy. Additionally, the founder was able to feel more involved in the business through their philanthropic efforts, which gave him a renewed sense of purpose.
Frequently asked questions
Having a comprehensive plan ensures that your family's financial needs and business interests are protected. It provides clarity on how assets will be managed, distributed, and how your business will continue in case of unforeseen events.
Succession planning involves determining who will take over the business and how the transition will occur. An advisor can help structure the transition to minimize taxes and ensure the business's sustainability.
Estate planning involves creating wills, trusts, and powers of attorney. These documents ensure your assets are distributed according to your wishes and allow for smooth management of your affairs if you're unable to do so.
Life insurance, investments, and estate planning can help ensure your family's financial needs are met. By designating beneficiaries and creating an estate plan, you can provide for their long-term financial security.
A trust is a legal entity that holds assets for the benefit of designated beneficiaries. It can provide control over how assets are distributed and offer potential tax advantages. An advisor can help you determine if a trust is appropriate for your family's needs.
Open communication is key. Schedule regular family meetings to discuss financial matters, goals, and business plans. Involving your family in these discussions ensures everyone is informed and on the same page.
When designating heirs or beneficiaries, consider their financial maturity, needs, and potential tax implications. An advisor can help you make informed decisions that align with your intentions.
Estate tax planning involves strategies like gifting, creating trusts, and taking advantage of tax exemptions. An accountant or tax advisor can help structure your estate to minimize tax liability for your heirs.
Essential documents include wills, trusts, powers of attorney, and healthcare directives. These documents ensure that your wishes are followed and that your family is provided for in various situations.
Regular reviews, at least annually, are important to account for changes in your family's circumstances, goals, and tax laws. An advisor can help you keep your plan up to date and effective.
Contact our Family Office team
Kerry Smith CPA, CA, TEP
National Leader, Family Office Services
Shane King CPA, CA
National Leader, Succession Services