The Business of Family passing the torch: keeping the peace in succession planning.
Apr 15, 2025
In this engaging discussion, Kimberly Cura, an estate litigation lawyer and partner at Lerners LLP, sheds light on the often-overlooked world of family estate disputes. She emphasizes proactive planning to prevent misunderstandings that lead to costly legal battles. Kimberly shares insights on the importance of communication in navigating familial dynamics, the challenges of disproportionate asset distribution, and the benefits of mediation over litigation to preserve relationships. This conversation is a must-listen for anyone involved in family businesses or estate planning.
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Regular Updates and Communication
- Regularly update your estate plan after major life events like marriage, children, or divorce.\n- Communicate your wishes clearly and consistently to family members to avoid misunderstandings and litigation.
Rise of Power of Attorney Disputes
- Power of attorney disputes have risen since COVID due to family dynamics and caregiving.\n- These disputes often stem from perceived favoritism or actual misuse of financial control.
Documenting Disproportionate Distributions
- Document and communicate your reasons clearly when distributing assets disproportionately among heirs.\n- Have your estate planning lawyer record your wishes and explanations in their file.