The desire to facilitate the inter-generational transfer of wealth and reduce intra-family disputes increases from one generation to the next, as the complexity of managing the family’s wealth grows.
Therefore, for families of wealth, planning for succession is one of the toughest and most critical challenges. Yet succession planning can be a great opportunity to maximize family business leadership opportunities and create a multi-generational philanthropy that embodies the founder’s mission and values to a legacy of eternity.
Conflicts involving trusts, estates and wills are a fact of life – and death, especially when there are high stakes. When that conflict takes the form of a legal dispute it will frequently involve family assets, often located in multiple jurisdictions. We operate in a world where the framework of law and regulation is constantly changing, with a drive towards greater transparency, particularly within the areas of tax, trusts and asset protection. Ever-changing compliance regulations and growing public hostility to tax avoidance place greater pressure on individuals and trustees involved in transferring wealth to the next generation.
Alongside with specialist lawyers, we work to provide sophisticated advice to ensure that gift, estate, generation-skipping transfer taxes, wealth taxes and other forms of capital tax are minimized while endeavouring to maximize family flexibility and calamity when dealing with these issues. We help clients structure their wills so as to protect their children, grandchildren and other heirs against creditor or divorce claims; we assist them in achieving their charitable aims tax-efficiently; and we enable them to make gifts and other transfers to keep the impact of gift and inheritance taxes to a minimum.
Managing any business involves many challenges. But managing a family business brings with it a unique set of challenges, many due to the close emotional relationships involved. One of the most difficult issues for a family business owner to consider is the succession of their business and the long-term success of the company.
Succession planning is not always the top priority for business owners to consider. There is a natural hesitation for owners to deal with succession issues because they associate it with negative connotations of retirement and death. Considering your own mortality can be a frightening thought, and there is a propensity for family business owners to avoid unpleasant considerations. Add to that the perception that succession planning as a lengthy process and you may find it easier to postpone making difficult decisions than making them.
We support the entire lifecycle of a family business. No two companies are the same, nor do they take the same path. However, having a practice focused solely on private companies, we have learned that there are many common challenges companies face on their road to growth and profitability. Whether you’re at the beginning of your journey, find yourself at a crossroads or simply want to maintain the right direction to success, we’ll support you with our experience and advice.
At GC Privé we are dedicated to helping families leave long lasting legacies. With a strong foundation in public relations, history, socioeconomics and the art of humanity we specialise in the development of leadership principles, strategies and bespoke tools tailored to high net worth families.These principles help families make better decisions and live with purpose now and for future generations.We understand that your family legacy requires a carefully calculated long-term plan and a trusted advisor with a wealth of experience in this regard.
On our end the possibilities are endless:
From assisting with the creation of your very own public museum and setting up a charitable foundation to sending a family time-capsule to space we are here to enlighten and pave your way to eternity.