By: Matt Emma

When families gather during the holidays, few topics are harder to discuss than money and inheritance. But with an estimated $124 trillion potentially being transferred to the next generation over the next 25 years, Peter Miles, president of St. Croix Wealth Management, says that avoiding these conversations could be one of the costliest mistakes.

Miles encourages families to use the holiday season as an opportunity to start thinking seriously about the future. He notes that wealth transfer planning isn’t only for millionaires or business tycoons. “It’s for anyone who wants to make sure their assets, businesses, and family legacies are passed on as smoothly and fairly as possible,” he explains.

Miles believes that good succession planning is about finding a balance between relationships, assets, and taxes. While every family or business has unique needs, he says one common thread that connects them all is tax strategy. “There are tax implications both for the person transferring the wealth and for those receiving it,” Miles says. “This is why having a comprehensive plan to help minimize tax liabilities is important.”

His firm, St. Croix Wealth Management, helps clients achieve this through the use of trusts, proper asset titling, and by leveraging federal and state estate tax exemptions. The firm also employs strategies such as Roth conversions and step-up in basis adjustments to help heirs avoid unnecessary capital gains taxes.

For many business owners, inheritance planning brings another layer of complexity and emotion. “It may be tough to choose between children. But through open communication and thoughtful planning, families can make decisions that could preserve both their legacy and relationships.”

He also urges fairness among heirs. “If one child inherits or assumes control of the family business, it’s important to ensure that the other children are treated as equitably as possible, perhaps through the thoughtful allocation of other assets of comparable worth,” he says. When everyone understands the plan and agrees on their roles, Miles explains, both the business and family relationships stand a better chance of surviving the transition.

Miles is quick to point out that succession planning is more than spreadsheets and signatures; it’s deeply personal. He has seen families forced to make major decisions right after losing a loved one, without any clear direction. “In times of intense emotional stress, some heirs cope with their grief by immersing themselves in paperwork, meeting with financial advisors, and contacting banks,” he says. “Others may need time to mourn before they can deal with financial matters and inheritance.”

Without open communication, these emotional differences can easily lead to resentment and strained relationships. “At St. Croix Wealth Management, part of our work involves helping families communicate openly and establish a plan before an unfortunate event occurs,” Miles says.

According to Miles, many people delay estate or succession planning, assuming it’s only something to worry about in old age. Miles calls that a dangerous misconception. “The right time to start is sooner than many might think,” he says. He recommends beginning the process promptly after any major life milestones, such as marriage, launching a business, or welcoming a child. Since most estate plan documents can be revised as circumstances change, he adds that plans can and should evolve when life does.

At St. Croix Wealth Management, Miles and his team review their clients’ legal and estate documents every two years. “Life changes. Businesses grow. Kids become adults. People want their plans to reflect those changes,” he says. “It’s far easier and more cost-effective to make adjustments along the way than to try to fix problems later.”

Ultimately, Miles believes the goal of succession planning goes beyond protecting assets; it’s about preserving harmony. Done properly, estate and succession planning becomes an exercise in balancing communication and thoughtful financial responsibility.

Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or legal advice. The views and opinions expressed by Peter Miles and St. Croix Wealth Management are their own and are based on their experience and expertise. While efforts have been made to ensure the accuracy of the information, readers should consult with their own financial or legal advisors before making any financial decisions or changes to their estate planning strategies. St. Croix Wealth Management is not responsible for any decisions made based on the content of this article.

Securities and investment advisory services offered through Osaic Wealth, Inc., member FINRA/SIPC.  Osaic Wealth is separately owned, and other entities and/or marketing names, products, or services referenced here are independent of Osaic Wealth.