Succession planning is the process of determining who or what group will transition into control over management of the family wealth – be it a family business or a portfolio of assets. It requires current decision makers to identify and prepare the next generation of leader (or leaders) to step in after the prior generation steps out. For families of substantial wealth consisting primarily of an operating family business or comprised of an intricate web of diverse assets held in various separate private family entities such as trusts, partnerships, and LLCs, planning for succession is not only prudent but a necessary act if the goal is to grow, preserve, and sustain the family wealth for future generations.
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