Private Wealth Managers

Dealing with Toxic Succession Issues

Failing to counsel high net worth families on the dangers of passing contaminated real property sites at death (toxic succession) can lead to serious financial issues for the client’s assets and estate.  Due to the large range of services private wealth managers provide as part of financial planning and portfolio building efforts, wealth managers are often the first line of defense for clients dealing with issues of toxic succession.  In preparing the financial plans of business owners and real estate investors, wealth managers typically have a unique opportunity to ensure that potential environmental contamination issues are identified and addressed early in the estate and business succession planning process.

The harsh consequences of toxic succession can often be largely avoided.  By becoming aware of the real property contamination issues potentially affecting your clients at death, you will demonstrate that you are a private wealth manager proactively looking out for your client’s best interests, thus adding even more value to your services.  Through proper planning – including periodic reviews of potential environmental cleanup issues associated with the client’s commercial, industrial and agricultural properties, private wealth managers can protect their clients – and themselves – from the potential for serious toxic succession problems.

Campaign 5000: Toxic Succession Whitepaper
Planned Giving Today article by Kevin Daehnke
Contaminated Property: Proactive Planning Strategies to Maximize Estate Value and Avoid Draconian Results
Environmental Cleanup Costs: Professional Negligence for Failure to Warn Successors and Beneficiaries