The affluent often go to great lengths to protect and pass down their wealth to successive generations. The family office is a structure that helps facilitate this desire to preserve and transfer property. But, for all practical purposes, a family office is very much like a family business. In many instances, these operations are run by skilled employees and potential heirs may be ill-equipped to take over. When a single-family office is slated for transfer to potential heirs, it is incredibly important to have a formal succession plan in place.
See Russ Alan Prince & Ellie Peters, Inheriting the SFO, Financial Advisor, September 13, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
