Succession Planning at M.M.Warburg & CO
Amassing, increasing and maintaining wealth is a significant achievement. It also always involves a highly personal aspect that needs to be preserved and passed on – for your well-earned retirement and to preserve your legacy.
For a variety of reasons (personal, organisational, legal, fiscal), financial circumstances and family relationships can be complex. Therefore, passing the baton to future generations often poses a challenge. It is not just about passing on your assets in the way you imagined, but also about transferring responsibility. This should be carefully considered, with your wishes appropriately documented in good time. The sooner the better.
Possible solutions in the area of asset and succession planning are influenced by myriad issues and perspectives.
- Is your estate shared out fairly?
- Early transfer of assets and responsibility to beneficiaries?
- Beneficiaries still minors?
- Illiquid assets, e.g. property?
- A heavy inheritance tax burden?
- Sufficient liquidity available for inheritance tax?
- Assets abroad?
- The future of your company?
- Have you taken precautions for emergencies that leave you unable to act:
– in respect of your assets and
– your health care?
A well-earned rest
Different people have different ideas about how they wish to spend their retirement.
It might be an opportunity to finally travel and see the world, spend more time with your family or learn omething new. There are many different notions of retirement – a period that often still seems like a distant reality. One thing is clear: the sooner we get to grips with the details of how we wish to spend our retirement, the sooner we can start transforming the vision into reality. But what if you need long-term care? Would you consider assisted living? Desirable facilities often have long waiting lists – and prices have been rising continuously for years. Or would you prefer to be cared for in the comfort of your own home? Is senior-friendly conversion an option? Would there be space to accommodate a carer?
Stipulate today what will happen tomorrow
When we are young, it seems that life is eternal. It is sensible, however, to clarify and document the key questions surrounding estates, inheritance and succession before it is too late; after all, nobody can tell when these questions will need to be answered. If you are still at the helm of a company, you should name your chosen future successor. When should the handover begin and how should it be structured? When it comes to your personal assets, you may well have an idea about who will eventually inherit. You may also wish to give something to your loved ones while you are still alive. Do you own jewellery, art or furniture with a high sentimental value that you wish to leave to someone in particular?
Asset management and succession planning
- Avoid disputes with a will, inheritance agreement, bequests, etc.
- Legally valid and up to date
- Assign a mandate to continue your asset management arrangements
- Look after your family in the long term
- Support a charitable cause
- Protect your spouse, e.g. with term life insurance
- Generate liquidity for inheritance tax
- Company sale
- Bequest
- Foundation
- Minority interest
- What directives and powers of attorney are in place (general power of attorney, advance healthcare directive, etc.)?
Our experts are at your service
Preserving and passing on the achievements of one or more generations is always about more than just ‘leaving assets’. Indeed, it is about trust and a solemn promise, not to mention active listening and careful and prudent timing. Working with the best in this field gives you the peace of mind that everything will happen in accordance with your wants and needs. We will foster and support these ideas until they mature into your bespoke plan.
Marco Hinze
CERTIFIED FINANCIAL PLANNER® & CERTIFIED FOUNDATION AND ESTATE PLANNER®
By definition, supporting and finding succession solutions is never an off-the-shelf process. Each set-up is unique and personal; alongside your own wishes, it is also essential to take myriad legal and organisational considerations into account. What makes the difference here is a network of experienced experts, which is exactly what M.M.Warburg & CO offers its clients.
Anja Lauterjung,
Generationen-and Succession Consultant
The idea of setting up or supporting a foundation may have even already crossed your mind
M.M.Warburg & CO boasts proven, long-standing expertise in this area – if you are interested in foundations, let us know about your plans at an early stage.
