Why is timely and comprehensive succession planning so important?

Succession planning is not a single legal act, but rather a coordinated process involving several family, legal, and tax-related decisions. Typically, these decisions concern maintaining control, ensuring the financial security of the family and immediate relatives, avoiding intra-family conflicts, involving the next generation at an early stage, and tax planning. In their article, POELLATH professionals Nikola Dieterich and Dr. Michael Feldner explain why timely and comprehensive succession planning is so important.