Preparing Heirs for Success: The Key Steps in Family Business Succession

Planning Reimagined

In this episode, Celeste is joined by Courtney Joyner Gage and Michael Mazzone to dive even deeper into the world of family wealth management, estate planning, and business succession. They explore the critical importance of communication and thoughtful planning in ensuring that family legacies are preserved and enhanced through generations. They discuss how families can effectively prepare heirs for responsibilities that come with inheriting a business or wealth, emphasizing the need to align their interests with financial education and impart essential values of hard work and responsibility.

Their conversation tackles various dimensions of estate planning, from choosing the right trustee who aligns with family goals to the intricacies of crafting a fair asset distribution among heirs. They also offer real-life examples of families facing challenges due to inadequate planning or lack of transparency, highlighting the urgency and importance of these discussions.

To connect with Courtney, visit: https://www.linkedin.com/company/mariposa-advisers/

To learn more about Robin Glen, visit: RobinGlen.com

To schedule an appt, visit: www.calendly.com/ccmoya

Key Topics:

• Selecting an appropriate trustee and the challenges of family members in this role
• Preparing the next generation for business inheritance
• Strategies for tax-efficient business sales and maximizing after-tax proceeds
• Importance of family dynamics and managing expectations in business succession
• The role of charitable planning and donor-advised funds in wealth management
• Effective communication strategies for discussing wealth and legacy within families
• Real-life examples demonstrating the impact of poor planning and conflict resolution