Fox interview with Matthew Davidson (Kaplan family) and David Patterson (Choate family), from their of offices in New York City.
Building and sustaining a team of responsive, compatible employees is one of the keys to a successful family office. In the sports world, professional team managers use a variety of diagnostic tools to enhance their team-building techniques. In the family office, managers can use similar diagnostic tools to gain valuable insights into how groups of employees are likely to work together.
Fox interview with the Donahue family and Harry Sichi in Pittsburgh at Harry's office.
Though the challenges to successful wealth transfer across generations may seem overwhelming, they can be overcome. Within the framework of open and honest communication and education, preparing the next generation for life with wealth can increase the probability that the wealth sustains, grows, and benefits many future generations. Along with five key principles to raising responsible owners of wealth, it paves a path where heirs are much better prepared for their inheritance as they become productive, contributing owners of wealth.
This first national study explores the topic of family philanthropy through the family office including opportunities and challenges, perspectives and experiences of practitioners and family members with the family office structure. This is a collaborative project of the National Center for Family Philanthropy, Threshold Group, and FOX.
In a perfect world, parents would have a well-thought-out plan for wealth transfer, explain their intentions, and help their heirs learn their roles and responsibilities. But life doesn’t always unfold in an orderly way to provide such a roadmap. Sometimes, inheritors may need to step in to play a more active role so they can empower themselves with the knowledge and tools necessary to make the best decisions for themselves and their family’s legacy.
This guide is designed to introduce you to the world of thoughtful, effective philanthropy. It’s a roadmap for donors—individuals, couples, families, or groups. It offers an overview of issues that philanthropists may want to consider as they create their own giving strategies. And like any good planning tool, this guide presents a series of questions with options—not a set of answers—to create not only a strategic framework, but an outline of how to operate your giving plan.
In a time of increasing social and economic challenges, this guide offers both emerging and established donors a look at important questions and issues faced. Even the most seasoned philanthropists need to pause, reflect, and ensure that their giving strategies reflect the seismic shifts around the world. No matter your issue, no matter your method—be it through public-private partnerships, impact investing, coalitions, collaboration, or more traditional philanthropy models—there are opportunities to realign your resources with what is needed in today’s environment.
Both new and experienced donors have become far more thoughtful about the time frame of their giving. And setting a use-by date for philanthropy has become a common consideration. Effective giving usually relies not just on how to decide to give, but for how long. All of which begs another question: How long should your family foundation or giving program last? This guide discusses some of the main ways to evaluate and set a time horizon for giving. Written for established and emerging philanthropists, it looks at four main options, including giving while living.
Through the evolution of the family journey, it’s clear that family structures have become more complex and estate planning needs to shift to a new model that focuses on multiple aspects of wealth.