HBO’s hit drama “Succession” has wrapped up, but its impact on the real world continues to grow. A number of people have made appointments with an estate planning attorney after watching the Roy family fight about the future of Waystar RoyCo and the unfathomable wealth it generates.
Did Waystar Hit Way Too Close To Home?
While real life is less dramatic than TV, therapists and wealth-management consultants say they recognized the characters portrayed on the show: “There are obvious upsides to a life born into immense wealth, but the prospect of inheriting unimaginable sums can strain personal relationships, erode self-confidence and trap a person in a near-permanent state of dependence… ‘I always felt like I was at work, watching the show.’”
The Palmer & Slay team watched the show for its entertainment value, but we too saw similarities between the Roy family and some of our high net worth estate planning clients from the Brandon, Mississippi area.
- The nuts and bolts of passing a family business onto the next generation — The underlying narrative of “Succession” is driven by the transfer of power from one generation to the next. Deciding how the company will operate post-transfer shapes family relationships as much as it does business ones.
- The importance of planning for incapacity — In the very first episode of “Succession” the scion of the Roy family suffers a stroke, and the future of the company (and the family that depends on it) is thrown into turmoil. This highlights the importance of crafting an estate plan and business succession plan that compliment one another. Your estate plan should include a living will and designate a power of attorney for healthcare who can make decisions on your behalf should you become incapacitated. Your business succession plan should specify who can step up and run the business in your absence, and give them the legal authority to do so.
- Estate planning for blended families. — One of the interesting aspects of “Succession” is the interplay between Logan Roy’s son from his first marriage, and his three younger children. We often work with blended families to ensure each member feels loved and valued by their parents (pretty much the opposite of what happens in the Roy family!).
- Wealth preservation in a family with competing priorities. In many families, the older generation is not ready to let go even though they know it is time they should. And the members of the next generation may have various visions for the future. Finding common ground and ensuring the family’s legacy is protected is important.
Preserving Your Wealth. Protecting Your Loved Ones.
At Palmer & Slay, we help with families in Brandon, Mississippi who have significant assets to ensure the next generation is empowered by the inheritance they will receive. Taking the guess-work out of estate planning and crafting a custom plan that meets our clients’ specific needs is what we do best. Please contact us today to schedule an initial consultation.