Wingspan Legacy Partners

The start of a new year is a time to celebrate new beginnings. Many people commit to a new year’s resolution with the goal of bettering themselves, while others may choose to simply enjoy the refreshing feeling of a new calendar year. Whether you celebrate in January or another time of the year, we at Wingspan wish you a day filled with excitement for what’s to come during this season of your life. Cheers! #HappyNewYear #2025 #WingspanLegacyPartners #Family 

~ Start 2025 with These Estate Planning Updates ~ 2025 is almost here, and it’s a good time to think about estate planning and what’s changed (or could change) in the new year. Here are a few important items we’re reviewing with the families we serve: - Inflation Adjustments for 2025 - The IRS has issued inflation adjustments for tax provisions, including updates to tax brackets and the standard deduction for 2025. Be sure to review how these changes might impact your planning.  - Corporate Transparency Act - The CTA introduced new reporting requirements for businesses, including LLCs often used in estate planning, to disclose information about their beneficial owners, reducing anonymity. Recent legal action has created confusion: after being temporarily blocked, enforcement was briefly reinstated, but a December 26, 2024 court ruling restored a nationwide injunction, halting enforcement again. While businesses are not currently required to file reports, they should stay informed as the situation evolves.  - SECURE Act Guidance on Inherited Accounts - Final IRS regulations clarify that most non-eligible beneficiaries must withdraw inherited retirement funds within 10 years, with annual required minimum distributions (RMDs) for accounts where the original owner had already begun taking distributions.  - 529 Plan Rollovers to Roth IRAs - The SECURE 2.0 Act allows penalty-free rollovers from 529 college savings plans to Roth IRAs in certain circumstances. This provides a new way to repurpose unused funds for retirement savings.  - ABLE Account Expansion - Changes under the SECURE 2.0 Act expand access to ABLE accounts, tax-advantaged savings options for individuals with disabilities. The eligibility age limit has increased from 26 to 46, helping more individuals and families save for disability-related expenses.    The start of a new year is the perfect time to revisit your estate plan to ensure it reflects your family’s values and aligns with current laws. Be sure to consult your attorney for tailored guidance on these updates and how they may affect your specific situation.    #EstatePlanning #FamilyEnterprise #FamilyBusiness #FamilyLegacy  

As the year comes to a close, we’re reflecting on the topics that resonated most with our community in 2024. These ten articles highlight the themes we’ve seen shape the family enterprise landscape—education, governance, communication, and stewardship. From crafting a family constitution to defining ownership roles, these insights serve as essential guides for families navigating the complexities of legacy and growth. Explore the top articles of the year: 1️⃣ Primer on Family Constitutions - https://lnkd.in/egpAiNxs 2️⃣ Balancing Liquidity and Legacy - https://lnkd.in/dDn_5G3j 3️⃣ You Need More Than One Succession Plan - https://lnkd.in/eHRXmbrS 4️⃣ The Importance of Communication - https://lnkd.in/eWtYFjPj 5️⃣ How to Organize Effective Family Meetings - https://lnkd.in/emyCNMb3 6️⃣ Seven Essential Documents for Family Enterprises - https://lnkd.in/e9YfepTX 7️⃣ The Case for Investment Policy Statements - https://lnkd.in/eTbCXmMJ 8️⃣ The Most Important Hire for Your Family Office - https://lnkd.in/eG-arESK 9️⃣ Raising Children in a Legacy of Success - https://lnkd.in/eZmBMFGN 🔟 Defining Ownership Roles - https://lnkd.in/ezaW8qsD For more of our content and announcements, subscribe to our monthly email newsletter. (https://lnkd.in/eUu5cC6c) Let’s continue the journey of building resilient family enterprises together. #FamilyBusiness #FamilyEnterprises #Governance #SuccessionPlanning #LegacyBuilding #RisingGen #FamilyWealth #DifficultConversations #Stewardship #FamilyOffice

Being with family is always important. The time we spend with those closest to us defines who we are as people and how we choose to move through the world.    Family traditions, values, and shared missions all draw us together, and they do more than bind us as a family. They also teach us how to be part of a community, whether that’s a multi-generational family, a neighborhood, a charitable organization, or a business enterprise.    As we gather this holiday season, let us remember the role that we play within our families as well as how our families shape the world we all share.    #FamilyEnterprise #FamilyBusiness #FamilyLegacy 

Partners Christina Wing and Maryann Bell recently joined R. Adam Smith on episode #36 of the Family Business Audiocast. They discussed key topics around family enterprise governance, succession planning, and legacy stewardship, offering insights into fostering alignment across generations and balancing business goals with societal impact. Thank you, Adam, for hosting this meaningful discussion!

During the holiday season, we gather with family and friends, share meals, exchange gifts, and rejoice in the spirit of generosity and kindness that shines a little bit brighter at this time of year. Wherever you are and however you choose to celebrate, all of us at Wingspan Legacy Partners wish you Happy Holidays. May your season be filled with love, laughter, and hope. #HolidaySeason #FamilyValues #FamilyLegacy #Gratitude  

Wingspan Director Hillary Sieber recently participated in an expert roundtable for Family Office Professional on the topic of philanthropy in the family office.    In the article, Hillary stated her belief that philanthropy shouldn’t be an afterthought; it is and should be a fundamental pillar of the work family offices do. Many families contribute to a donor-advised fund, while others may choose to stand up a private foundation to carry out their philanthropic vision.    All the experts quoted in the article echoed the sentiment that philanthropy should be intentional, well-structured, and deeply rooted in a family’s legacy. Read the full article to hear from Hillary and others on how family offices and philanthropy are connected.    https://lnkd.in/euHssZDg   #FamilyOffice #Philanthropy #Governance #Giving 

Attending the 160th anniversary of McAllister Towing was a profoundly meaningful experience. Founded in 1864 by my great-great-great-grandfather, Captain James McAllister, who emigrated from Ireland, the company began with a single sail lighter in New York Harbor. Over the years, it has grown into one of the oldest and largest family-owned marine towing and transportation companies in the United States, operating a fleet of more than 75 vessels across 17 locations along the U.S. East Coast, from Portland, ME, to San Juan, PR. Although I have never been an employee or owner, my connection to McAllister Towing runs deep, as it does for everyone in our family. Now, working with Wingspan Legacy Partners as an advisor to family-owned businesses and family offices, I view our family’s history through a fresh lens. Celebrating this milestone underscored the importance of legacy, resilience, and the shared pride that binds generations. A heartfelt thank you to my cousin, McAllister Towing President Brian Buckley McAllister, for organizing such a wonderful celebration and for including all of us in honoring this incredible legacy. Reflecting on McAllister Towing’s journey from a single sail lighter to a modern fleet engaged in ship docking, general harbor towing, coastal towing, windfarm support, and bulk transportation, I am inspired by the enduring spirit and dedication that have propelled the company through 160 years of maritime excellence. Here’s to the legacy of Captain James McAllister and to the future generations who will continue to steer McAllister Towing toward new horizons. #familybusiness #familylegacy

Legacies aren’t built overnight. It takes years of thoughtful planning and meaningful action to ensure that your family’s name and mission stand the test of time.     In practical terms, that means today is the right time to address and prioritize the issues that are most important to you and your legacy. Tomorrow isn’t guaranteed, and if you procrastinate the work that matters most, you risk leaving your most cherished goals unrealized.    To prioritize your family’s legacy, you’ll need to make governance decisions, bridge the gap between Now Gen and Rising Gen family members, and commit to having difficult conversations around succession and impact. These decisions can lay the groundwork for a legacy that will last long after you’re gone.    #FamilyLegacy #Governance #RisingGen #FamilyEnterprise #FamilyOffice 

One of the trickiest things about being part of a family enterprise is that the line between business and personal communication can get blurry. It may be tempting to avoid difficult topics, but in a new article, our founder Christina Wing provides insights on how to navigate these conversations on subjects like succession, employment policies, and the best uses of family wealth. The key to making conversations productive is to implement best practices and, when necessary, to reframe dialogue to make it less confrontational and more collaborative. These best practices include: - Letting participants know the topic ahead of time  - Selecting a neutral location for the meeting  - Approaching the dialogue with an open mind and a willingness to listen  - Fostering intergenerational respect between Now Gen and Rising Gen family members Having these discussions leads to good family governance, which can in turn help the family avoid grievances or misunderstandings of a personal nature in the future. Click the link below to read the full article and learn how to preserve your family legacy with meaningful, respectful conversations.    https://lnkd.in/eSqAZCEm   #DifficultConversations #FamilyGovernance #FamilyEnterprise #RisingGen #FamilyBusiness #FamilyLegacy #Succession