News
100 Year Plan
Successful and Unsuccessful Estate Planning
Estate planning challenges our concept of our selves.
Inevitably it leads to succession planning, raises issues concerning family dynamics, and forces us to consider our own mortality. The process can be confusing, time consuming and expensive.
Many who are enthused or scared into action do not follow through even though not having well-conceived plans can be disastrous. What holds their family together?
Who would be the arbiter of family dynamics? What criteria determine whether a family member is fit to run or even work for the family company? Is the best succession plan to sell the business? Oppenheimer uses his own family’s experience over many generations as a backdrop for Good and Bad Estate Planning. Oppenheimer does not give legal advice but shares a life experience.
Create a Family Council
Developing a family council to monitor family dynamics, govern the family enterprises and practice good communication is one of the keys to success in creating the legacy family.
The Family Council has four main goals:
- Provides Leadership Through Governance Not Management
- Is the Arbiter of Family Dynamics
- Improves Communication Between Family Lines
- Controls the family bank.
Your family should consider creating a family council to govern the long-term plans and resources to implement such a plan including the various family capitals but also directing energy towards resolving the dynamics that challenge those plans .
Develop a 100-Year Plan: Set Your Family On The Road To Survival and Success
