Navigating the New Realities of Family Office Succession
A recent Crain Currency article dives into why succession planning has become more challenging for family offices. From looming changes to the U.S. estate tax exemption to increasingly global family footprints and the emotional weight of intergenerational wealth transitions, today’s planning requires more than just financial acumen—it demands coordination, communication, and clarity.
The article points out that while succession planning is essential, many families are unprepared. Only 53% of family offices have a succession plan in place, and of those, only half are formally documented. The reasons? Rising complexity in family structures, cross-border assets, and a lack of readiness—or interest—from the Rising Gen.
Maryann Bell, Partner at Wingspan Legacy Partners, was quoted in the piece, underscoring a key takeaway: “It’s essential to consider the financial goals of the family office and the family’s values. Then, when it comes to identifying potential successors, consider engaging external advisers… Their impartial perspective can help with navigating complex family and financial dynamics.”
That impartial perspective is often the missing piece. At Wingspan, we believe that strong succession planning starts early and goes beyond estate documents—it’s about aligning around values, preparing the Rising Gen, and creating space for difficult conversations before they become urgent.
As the article suggests, the best time to plan is before the storm. We help families do just that.
