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Family governance is about family communication and family-focused decision making. Many estate planners shy away from anything that’s overtly family-focused. There are no Tax Code sections or court rulings to frame the discussion, and the topic is often considered too touchy-feely, something we weren’t taught about in law or business school. As a result, many clients end up with tax-efficient plans that become counterproductive—if not outright destructive—to the settlors and their future generations because the plans are either too restrictive or too generic.
Let’s discuss why we think estate planners should add a few new tools to their tool belt. We’ll also review the fundamental objectives of family governance work. Finally, we’ll des...
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