Punxsutawney Phil, (beaver) called for an early Spring this month, however, it is still winter in the Mid-Atlantic, cold, and it might just call for an evening of binge-watching a highly acclaimed show, with much about estate planning. Succession ran on HBO for 4 Seasons and won 4 Emmy awards. For those who have not watched, Logan Roy is the patriarch of a wealthy family and owner of the Waystar Company. His adult children, Kendall, Shiv, and Roman, who have wanted for nothing during their lives, all battle to be recognized by Dad and be the legitimate successor to run the Waystar Company. The show deals with the plots and interactions the adult children have with one another and Logan taking enjoyment in watching the shenanigans all the while dealing with his own aging, romance, and health issues. His ex-wife and the stepmother also have a part to play in the storyline.
While most of us will never come close to having the vast millions of the Roy dynasty, the story underscores the need for estate and succession planning. It portrays the need to show our loved ones we care; we are transparent about our wishes and intentions and provide peace of mind for those who remain. Even in much smaller estates, I see the disagreements and fighting that take place amongst siblings, children, and heirs.
You may choose from a variety of ways to sell your business or transition to your retirement, however, include your business succession plan as part of your estate plan. Ensure that your family is taken care of and supported through the estate planning process regardless of what happens to you and hopefully if done right, they will continue to enjoy each other’s company. The attorneys at Altman & Associates stand ready to answer your questions, call the office at 301 468 3220 to make an appointment or visit the website at altmanassociates.net.
