Families who own together must learn to plan together.
Article written by Aileen Miziolek and Amy Wirtz for Family Business Magazine
Creating an integrated estate plan for a large, multigenerational enterprising family is like solving a Rubik’s Cube. Just as each twist of the cube affects multiple squares simultaneously, each branch’s estate planning decisions can have a ripple effect on family members in other branches. It’s an intricate puzzle, and the challenge is ensuring every move contributes to the well-being of the full family. With all these complications, it is no wonder that estate planning coordination gets put on the back burner. Here is a typical story and a genogram to help keep track of the characters.