Scott Beach, chair of Day Pitney's Family Office Practice, was quoted in an article entitled "Less Than 20% of Family Offices Have Robust Succession Plans," published by Private Asset Management. The article reports on findings from a PwC survey of U.S.-based families indicating that only a small percentage of family businesses have a "robust succession plan" in place.
"Families absolutely take it seriously knowing the need for a robust succession plan, but realizing the need and putting together a well thought out and detailed plan is a different story," Beach told Private Asset Management. "There is clearly an emotional aspect in facing the inevitability of departing from the business, especially if it is the patriarch and wealth creator who built the business. They often have difficulty with no longer being in control and coming to that reality," he added.
The article also notes the challenges that families face when identifying leaders in subsequent generations. "Sitting down with the family and discussing with them a plan for the succession of the family business and the operations of the family office are very difficult decisions and for many families there is a reluctance to face the realities of that contingency planning," said Beach. "Once those plans are in place and devised another challenge we see for our clients is communicating those intentions and plans to the next generation. Communication to the family and non-family executives is so important before the events triggering the succession plan become reality."
On April 25, Boston attorneys Bill Pezzoni, Jared Ross and Justin Hannan will present on "Understanding Opportunity Zones: Investor Benefits," a program hosted by the Marlborough Economic Development Corporation (MEDC) in conjunction with the City of Marlborough, MA and Day Pitney LLP.
Day Pitney Alert
Carl Merino authored an international practice feature article, "U.S. Owners of Foreign Corporations Face New Hurdles," published in the April 2019 issue of Trusts & Estates magazine.
Carl Merino co-authored an article, entitled "Beneficiaries of S Corp Stock," published in the March 2019 edition of the New York State Bar Association (NYSBA) Journal.
Warren Whitaker will be serving as chair of the 15th Annual International Estate Planning Institute, hosted by the New York State Bar Association and The Society of Trust and Estate Practitioners USA (STEP USA).
Jared Ross was quoted in an article, "Ultra-Rich Scout Direct Real Estate Investments," published by Banker & Tradesman.
Day Pitney Press Release
Von Sanborn was featured in an article, "Tax Screw-Ups and People Problems: Experts Reveal Biggest Blunders of Rich Families," published by Bloomberg.
Von Sanborn was quoted in an article, "U.S. Family Offices Face Increasing Competition from Foreign Families," published by Private Asset Management.