A key challenge facing families and their advisors is how to balance the various competing considerations that are fundamental to effective succession planning.

Discussions about succession planning do not just have to be (and should not just be) about tax or finances. Although those are essential issues to address, a succession strategy needs to take a wider variety of considerations into account.

Russell-Cooke Family Office partners Rebecca Fisher and David Webster emphasise in STEP Journal the need for constructive conversations between family members before contentious issues arise.

The generation game is available to read on the STEP website via subscription or on pages 71-73 of issue 4, 2021.A full pdf is available to read here.

Rebecca is a partner in the private client group advising families and individuals on all aspects of private client law including wills, estate planning, administration of estates, trusts and powers of attorney. She regularly advises clients including entrepreneurs, business owners and multi-generational family businesses on succession planning, with particular focus on inheritance tax and capital gains tax planning. Rebecca fully understands the unique challenges that family businesses face.

David is a partner in the corporate and commercial team and advises clients across a range of sectors, including real estate, financial services, professional services and family businesses. David advises on a variety of corporate and commercial legal matters, with a particular focus on the sale and purchase of companies and businesses, company law and governance issues, and lending and security.