The taboo of families discussing inheritance and legacy will be lifted after COVID-19’s hard reality check of sudden drastic change with limited preparation. Primed to be forward-looking, family groups will likely facilitate succession much earlier and in more sophisticated ways.
With an estimated $3.5 trillion expected to be transferred between generations in the coming decades, careful planning, structure and early ‘buy-in’ from stakeholders will be key to a smooth transition. A strategy that neglects the dynamics between private business and families will unnecessarily undermine the business and dissipate family wealth.
Jenny is a Senior Associate in the firm’s commercial and private client practice. She has a diverse practice, advising high-net-worth individuals, entrepreneurs, family groups, private corporations and philanthropic organisations.