Estate Planning

Before the wealth even arrives, families face their hardest decisions.

As families move past the second and third generation, estate planning gets more complicated. Family office experts explain how trust structures are being rethought, how coordination across generations is improving and why transparency matters more than ever.

Celine Fitzgerald didn't learn what her father's estate plan even meant until she turned 20 — and it left her rattled. Now helping run her family's office, she explains why bringing the next generation into the room early beats a jarring reveal later, and what families risk losing when they don't.

Private trust companies are gaining traction as families seek smoother trustee succession and customized governance. A PTC blends institutional structure with family involvement, streamlining administration and consolidating decision-making across multiple trusts. While costs and barriers have declined, setup requires time and expense, making careful evaluation essential for each family’s needs.

The One Big Beautiful Bill Act raises the estate tax exemption to $15 million per person in 2026, easing the rush around end-of-year planning. It also broadens incentives for private investments, real estate and philanthropy — prompting family offices to rethink long-term strategies.

Family office leaders and advisors say many families are now entering “simplification mode,” consolidating assets and rethinking estate plans to make them more manageable.

After a 37-year career creating and growing international brands at the Alberto Culver Company, founded by her parents, Carol Lavin Bernick negotiated the sale of the company to Unilever in 2011. Since then, she has led her family’s business office, Polished Nickel Capital Management. She discusses what she has learned about estate planning and what she teaches her children about wealth preservation.