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Many estate plans can be too boilerplate and do little more than establish what happens with physical assets upon death. They overlook personal sentiments and expressions that could prove to be a source of comfort to a family in moments of grief. When addressing the elephant in the room—the scope of care and ceremony desired to commemorate a ...

Taking cues from entrepreneurs, families with great financial wealth would be well-served to create environments where their children can fail and in doing so, learn invaluable lessons about finance and resilience. While the older generations may set the tone by sharing their own stories about overcoming adversity, the rising generations will learn...

Wealth brings with it some important considerations, including the obligation to have an approach to managing it. For families of significant wealth, it primarily revolves around the requirement to develop an investment strategy that ensures the wealth is maintained for future generations. It creates a shift in focus—one that takes an interge...

Today, a quarter of 65-year-olds will live past age 90, and one in 10 will live past age 95. Living longer has considerable benefits for individuals and their families, but living longer is also creating new challenges. Traditionally, managing wealth in preparation for the later stages of life is centered on estate planning and tax efficiency. As p...

On the journey to obtain independence and achieve financial success, the priorities usually include having a good educational experience, a sound resume and a career with a nice salary. That journey will likely contain u-turns, bumps and dead ends. And if good financial habits are not developed, then there can be a financial disaster. The reality i...

Research tells us communication is the most essential ingredient for sustaining wealth across generations. But, cross-generational communication can be particularly challenging, especially within families of wealth. Each generation’s habits, beliefs, and ideals are influenced by very different experiences, traditions, and societal norms. So how do ...

Family connectedness, not money, has the greatest influence on multi-generational family continuity. But when many think about legacy, it’s often in the context of multi-generational financial wealth. Money, though, masks what people are really interested in passing to future generations of their family. Money can support the connections, but...

Succession planning for a family business inevitably requires planning for the transition of the management team. This transition presents several challenges, including dealing with non-family managers and with a family member who is not suited for a leadership role in the business. These difficulties are not insurmountable, and, with clear communi...

The question Virginia “Ginny” Esposito, Founder of the National Center for Family Philanthropy, gets asked the most, is “How can I engage my family in philanthropy?” In this episode, Ginny highlights what family business is and common trends in the work she has been in for over 30 years. She has lots of wisdom for parents an...

Since the age of 14, Angus McRae had been the sole caretaker of the Markham family lodge and its surrounding 800 acres, where the Markham family connected and bonded. The original Markham brothers had bought the property in rural Quebec Province from Angus’ forebears who were the first people to settle the area. Five generations of the Markha...

If you are a newer family foundation with one or two generations on the board, five generations may seem like a long time away. Yet in family philanthropy, quite a few foundations have been operating and thriving for 50, 75, even 100 years. What’s the secret of these family philanthropies that make it five generations, and across family branches? H...

Every family has secrets and difficult stories—the “skeletons in the closet”—that they would rather not share. While most professionals agree that exposing skeletons to daylight is a good thing, one must be sensitive to the potential emotional impact of these stories on individuals within a family and proceed tactfully. When...

Because of social and cultural changes that have increased women’s control of wealth, this paper seeks to help families navigate this newer development—where the female partner’s inherited wealth significantly exceeds that which her spouse is likely to generate through his own inheritance or work. It begins with McKayla’s st...

The field of philanthropy has primarily been built around the more tactical aspects and the how of giving while taking the why for granted. It has made the assumption that a purely rational approach (i.e., providing donors with more information or metrics) will unleash more giving, without exploring the often nonrational, psychological journey on w...

Mentorships are valuable relationships at any age or walk of life. As you begin your career, you may wonder what mentorships are, how they work and where you should look to find a mentor. Mentorships shouldn’t be shrouded in mystery, but there isn’t one accepted guidebook for them either. There are, however, several keys to remember to ...