Family wealth management means planning how property, financial assets and businesses will serve the family today and pass to the next generation. A home for the parents, a property that covers ongoing expenses and a family business serve different purposes. Before drafting legal documents such as wills, enduring powers of attorney or prenuptial and financial agreements, it is important to understand the role each asset plays within the family, who manages it and what the family wants to preserve. Holistic family wealth planning starts by defining the family’s goals, then develops a comprehensive plan that considers family relationships, taxation and the potential consequences of each step.
Adv. Asaf Arazi-Biton provides holistic family wealth planning with particular attention to real estate and family businesses. The work connects registered ownership, obligations, income and family relationships, translating objectives into legal arrangements and steps for implementation.
Consider a family where one child works in the business and the others do not. Dividing its economic value does not necessarily resolve who will make decisions, how operations will continue or what happens if an owner wants to leave. Property raises similar questions about occupation, rent, maintenance and sale.
Ownership, management authority and sources of income are therefore mapped separately. Existing wills, powers of attorney and agreements are checked for consistent answers. If a lifetime transfer is contemplated, tax, registration and control need to be examined before it takes place, with an accountant, tax adviser or another professional involved where appropriate.
Plan who can act for you and how if you can no longer understand the relevant matter. Personal wishes, property management and business continuity are considered together with other family documents. Explore our enduring power of attorney service.
Prepare a will around your rights in property, family circumstances and wishes concerning a family business. Existing agreements and obligations are considered within succession planning. Explore wills planning for property owners.
Arrange property relations between partners, including homes, family assistance, investments and business interests. The agreement is considered alongside wills and the broader family plan. Explore our financial agreements service.
Further reading: the legal framework for an Israeli enduring power of attorney, planning for property owners and when to start planning.
For the first meeting, prepare an outline of assets and liabilities, existing legal documents and the roles family members have in the business. Note unresolved decisions, such as the parents’ home, distribution between children, succession in management or property abroad.
The initial review leads to a sequence of work: documents to update, registration matters to resolve and decisions needing more information. A change involving one asset may justify reviewing the wider plan, but every family does not need the same tools.
For further guidance, read about the lawyer’s role in intergenerational transfer and planning lifetime decisions for property owners.
For further reading, explore our guides to family wealth planning and intergenerational property transfers in Israel.
To discuss your family’s assets and decisions, contact the office.
Disclaimer: The information in this article is provided for general informational purposes only and does not constitute legal advice, a legal opinion, or a substitute for individual advice from an attorney. Each case should be reviewed according to its specific circumstances, and it is recommended to consult an attorney before making any decision or taking action.
