At some point on your family journey and through the key life stages, you may take a step back and realize the wealth and legacy you’ve created are going to live on for generations. As you begin to reflect, you can look to the legacy and estate planning guide in this Digest as a starting point. You’ll also find helpful checklists, thoughtful questions, and perspectives to prepare for the generational transition—including how to talk with your heirs about their inheritance.
Family Life Stages
Resource Search
Genuine prosperity includes overall well-being within the family and business. From mental health concerns and substance use disorders to relationship conflict and neurocognitive decline, we'll discuss OPG's comprehensive solutions designed to ensure that families and businesses are well-equipped to manage complex well-being challenges, cultivate resiliency, and help safeguard legacy. Arden O’Connor, CEO, O’Connor Professional Group Jeff Strese, Family Learning & Leadership Consultant, FOX
The 5 Principles of Invisible Wealth provides a comprehensive framework for redefining wealth as more than money. How can we translate this abstract concept into tangible actions? This framework, represented by the five principles of money, health, knowledge, time, and relationships, helps us embrace a holistic interpretation of wealth, inviting richness into the lives of our clients and families. Jennifer Wines, Author of Invisible Wealth Mindy Kalinowski Earley, Chief Learning Officer, FOX
Families of wealth often want to help their relatives financially but are justifiably concerned about what those individuals will do with the money and how having access to significant sums might affect their values and behavior. While making family trust distributions is a way to provide discretionary income, it’s a framework that gives the trustee control over when and how much money to give to a beneficiary. However, that process is not collaborative.
From aiding grandchildren to purchase their first homes, to empowering children or other loved ones to build their personal balance sheets through investing in residential real estate, there are many ways in which wealthy individuals may offer to help loved ones to achieve home ownership or favorable living arrangements. Each approach has tax implications, and determining the best approach will require consideration of a number of factors. This article by BDO explores some of the options that may be considered and identifies some of the tax implications that should be evaluated.
Financial Literacy Resources for Children and Teens
Publish Date
There are many resources and games available for teaching children about different aspects of managing money, investing, and philanthropy. Starting financial literacy education with children and teens will be more successful when you make the activity fun, connected to their life stage and related to current interests. This includes gamifying learning, suggesting books to the readers, board games for kinesthetic learners, and offering videos for those that are auditory and visual learners.
Partner Webcast: Supporting Family Mental Health
Publish Date
In this discussion, Yellowbrick Director of Family Services & Systems, Bryn Jessup, PhD, and Director of Groups & Therapeutic Community Services, Pete Myers, PsyD, will talk about the importance of investing in the mental health of each individual and how it impacts the whole family. They will also cover how a comprehensive approach to family mental health includes identifying vulnerabilities, promoting resilience and wellness, embracing the family as a dynamic system, and providing expert and comprehensive care to affected individuals.
In this discussion, Boutique Matchmaker founder’s Cassindy Chao and Shannon Lundgren will discuss how singles can meet “the one” in a digital world. They’ll also shed light on how parents can assist the rising generation of never married young adults in their families. We invite rising gen, family leaders, family office staff and advisors to join this discussion. By the end of this webcast, attendees will be able to:
Investing in Family Mental Health
Publish Date
In the field of family wealth, increasing attention is being paid to the needs of human capital. With the needs extending beyond the reach of the quantitative disciplines that traditionally serve families of wealth, family mental health has become an integral part of protecting and fostering the wellbeing of the family—the most valuable family office asset. From this paper, you can learn more about how to build a safe, supportive, and resilient family culture by investing in family mental health.
Guide to Financial Wellness
Publish Date
Managing multiple short- and long-term financial goals can feel overwhelming at times. With this guide by Vanguard, a three-step financial wellness framework is provided for determining the next best actions you can take to bring you closer to your goals and improve not only your financial situation but also your overall holistic well-being, no matter where you are on your financial journey.