Empire is one of the hottest new dramas in America and has helped to revive the prestige of scripted drama on network television. However, it also offers a great glimpse into common problems faced by estate planners when high net worth individuals wait until a crisis to plan for the future. Often times, the highly successful do not wish to plan for their eventual demise because, in their mind, the business venture is as much a part of the builder and owner as a independent entity that influences the lives of others. As a result, a reluctance to plan for sale or succession when personal management becomes burdensome or impossible makes them wait until disaster is on the brink rather than having long term strategies already in place. The best way to combat this issue is to be direct with the client and let them know that denial does not change anything. In fact, waiting until a crisis to start planning can cause a business carefully built over decades to collapse in a matter of months or years. Ultimately, the best legacy one can leave is that of unbridled success to the grave and the creation of an entity that can survive its creator and thrive under the leadership of a new generation.
See David H. Lenok, Empire: The Best Estate Planning Drama on TV, Wealth Management, September 22, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
