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The Windsors maintain a rigid estate and succession plan that’s been (in some cases, quite literally) written in stone for hundreds of years. With the recent passing of Queen Elizabeth II, it’s an opportune time to ask: What can planners learn from such an impossibly rigid, yet simultaneously extremely transparent ‘plan’?
In this episode, David Lenok is joined by Tim Volk, Founder and Managing Director of T. Volk and Company, in discussing the repercussions of such a plan, including the importance of considering the age of the ‘next generation’ in light of ever-increasing longevity and the important distinction between adultship and eldership.
Tim discusses:
- How a delay in the exit of the head of the family impacts the succession plan of the next generation;
- When do individuals need to move from adultship to eldership;
- How longevity impacts who inherits the estate (and when);
- The problem of entitlement in succession planning;
- And more
Resources:
Connect With Tim Volk:
Connect With David Lenok:
- david.lenok@informa.com
- WealthManagement.com
- LinkedIn: David Lenok
- LinkedIn: Informa
- LinkedIn: WealthManagement
About Our Guest:
Timothy J. Volk, CFP, is the architect of a highly successful entrepreneurial career encompassing independent advisory, strategic planning, and financial services (banking, wealth management, insurance, and real estate) and is driven by his core values of family, community, and responsible stewardship. As principal of T. Volk & Co., he leverages his experience in a successful legacy family business and provides prudent and trusted counsel to families striving to protect their enterprises and preserve their wealth.