Ivan Hernandez Discusses Succession Planning at Private Wealth Management Summit

Ivan Hernandez, co-founder and managing director at Omnia Family Wealth, will be a featured speaker at the Private Wealth Management Summit in Palm Beach, Florida in early June. In his presentation, Hernandez will discuss the complex topic of succession planning while navigating sibling differences.

Succession planning is never easy. Throw in a multi-generational family business and it becomes uniquely challenging! A family business is so much more than part of an estate – it is a living, breathing part of the family that has as much emotional impact as the heirs themselves! But with the right planning, a family can pass on a business to heirs as part of their estate when those heirs have different talents, interests and needs.

 There are several unique aspects to consider when a family starts the family business succession discussion. In his conference session titled, “When Fair Isn’t Equal: How to Account for Sibling Differences in Wealth/Business Succession Planning,” Hernandez will cover how to navigate sibling differences, outdated planning documents, non-family partners and the emotional considerations of succession planning.

Participants will learn:

  • Actual planning strategies that can help families equitably distribute an estate that includes a family enterprise
  • Communication practices that will help navigate the specific challenges families often encounter in the succession planning discussion and a game plan they can use to get started

“It’s easy to postpone planning, and in fact many business owners do,” acknowledges Hernandez. “But with the new tax law providing approximately $22.4 million of estate exemption for a married couple, it is the perfect time to start, continue, or finalize your plans for the future of your family and your business.”

To learn more about succession planning, see our recent commentary titled “The Tough Conversation: How to Address Business Succession Planning While Navigating Sibling Differences” or listen to the recording of our recent webinar on this topic.