We are a German business and estate planning law firm providing services for wealthy individuals, and members of wealthy families with family businesses
We mainly represent spouses and widows of entrepreneurs.
No business succession planning? - The role of the entrepreneur´s widow will be difficult
Unless a succession plan and a corresponding will is in place, most entrepreneurs’ widows will by law inherit not only the majority of his assets including the business, but will often be put into the role of the business leader, with all questions and struggles that may come with this new and challenging role. We not only analyse the situation of our particular clients, as to what will be expected of them, we offer preparation for this situation.
Most entrepreneurs' widows will face particular risks and challenges following the death of the business owner
Every family with a family business is unique. What is common to all is that an unprepared transitional phase following the death of the owner harms both, the family and the company .
- Entrepreneurs’ widows and children as heirs face typical relative’s risks in the death of the business owner. Whereas the business will need continuance and leadership, quarrels may arise among the heirs on what should happen. These struggles will not only burden the business itself but mostly the widow. Problems may arise if she is entirely unprepared, while she has to understand the business of the corporation itself immediately, as well as any upcoming quarrel among shareholders or heirs.
- Our goal is to prepare spouses and relatives of entrepreneurs in the best possible way. This will include not only legal counsel and services with genuine concern for our clients’ interests. It will encompass the mediation any upcoming family or business disputes, succession planning, asset protection strategies as well as Estate Planning, Probate & Trust administration, in the light of perhaps differing international inheritance regulations.
- Transition of leadership for a company by inheritance should be a streamlined process, not a sudden and tragic event.
Most entrepreneurs' spouses must plan well ahead of time
According to a recent study be UBS bank, globally 70% of all women tend to leave wealth planning and building entirely to their husbands or male relatives. This particularly applies to entrepreneur’s spouses. While western societies overall show a steep increase in divorces, and less sustainability of relationships, most of the spouses opt out of any active financial planning for their future.
Entrepreneur’s spouses often don’t approach their financial well-being, nor do they usually engage in the financial decisions that affect them
Our aim is to help our female clients maintain their individual lifestyles;
- With regard to their higher life expectancy, we help setting up an estate plan within the family to fit their current and later needs.
- We help them optimize and enjoy their assets during their lifetimes, and in the future.
- We help to ensure efficient management, safeguarding and operation of all assets. This will include not only financial assets but real estate portfolios and other assets (yachts, landmark estates, estates with forests, important car collections, gold, jewellery and art collections), for later use or sale.
Regarding your own situation and succession within your family, are you struggling with a quarrel among family members, or in the family business?
You are afraid of what may lay ahead for you as a spouse of an entrepreneur in case of his death or illness?
Give Sybille a call
+49 (0)173 2905577