Why Is Communication During Life Crucial for Succession?

Giorgio Armani left behind more than fashion when he passed away at 91. His $12 billion empire, absence of direct heirs and a carefully crafted foundation raise essential estate planning lessons that extend beyond celebrity headlines.

Kevin Ghassomian, partner at Venable LLP, explains how Armani separated wealth from control, empowered trusted collaborators, and institutionalized his brand to ensure continuity. He emphasizes the importance of early planning, communication and mission-driven structures in preserving wealth and vision.

Join WealthManagement.com Senior Editor David Lenok and Kevin for a compelling discussion on the lasting lessons Armani’s estate provides for families, advisors and business owners alike.

Key takeaways:

• Armani’s early planning, which began in 2016, allowed for a structured succession strategy
• The separation of personal assets from business assets to protect brand identity
• The creation of a foundation to act as the steward of Armani’s legacy, ensuring mission-driven continuity
• The benefits and challenges of planning without a spouse or children, highlighting freedom vs. overwhelm
• Practical lessons business owners of all sizes can apply, such as buy-sell agreements, trusts and meaningful communication.

Resources:

• Listen to Celebrity Estates on WealthManagement.com
• Subscribe and listen to Celebrity Estates on Apple Podcasts
• Subscribe and listen to Celebrity Estates on Spotify
• Trust and Estates Magazine

Connect With David Lenok:

• david.lenok@informa.com 
• WealthManagement.com
• LinkedIn: David Lenok
• LinkedIn: Informa
• LinkedIn: WealthManagement

Connect With Kevin Ghassomian:

• Website: Venable LLP
• LinkedIn: Venable LLP
• LinkedIn: Kevin Ghassomian

About Our Guest:

Kevin Ghassomian focuses his practice on the personal legal needs of business owners, corporate executives, high-net-worth individuals, and their families. Kevin’s representation covers all aspects of domestic and international estate planning, with an emphasis on tax minimization, asset protection, business succession, and philanthropy. Kevin also counsels individual and corporate fiduciaries on the administration of trusts and estates, including the preparation of gift and estate tax returns and defense of positions taken on those returns.

Kevin previously worked in the New York City headquarters of a global investment company, where he counseled a multinational client base on complex wealth management matters, including foreign and domestic trust planning and related asset allocation strategies. Kevin leverages this background to collaborate with tax, investment, and insurance advisors, ensuring that their work is effectively integrated into the planning process.

In addition to his law practice, Kevin is a frequent speaker, a published author, and a former professor of law, concentrating his scholarship on estate planning, taxation, and various wealth management topics. He also devotes time to numerous civic and charitable causes, maintaining leadership positions on several nonprofit boards.