This is the first in a series of three articles based on the notion that wealth planners have a unique opportunity to help client families succeed over multiple generations. In this installment, the author looks at the differences in thought and outcome between a transfer plan and a transition plan.
Following the sale of the family business, family members face the decision of whether to pool the sale proceeds and thereby continue as a family investment enterprise. There are many important and very complex tax, legal, financial, operational and accounting issues to consider, but successful implementation of such an enterprise can help family m...
One key to helping develop greatness in the next generation is to encourage entrepreneurship. The formula for encouraging entrepreneurship will differ among families and may need to be adjusted to fit the needs of individual family members. It is important for families to recognize some of the unique issues they face and to think in advance of the...
Even for families with generations of addiction, it is possible to achieve sustained recovery and secure the family's finances. Finding the right help for those of wealth and prominence requires persistence, knowledge and professional cooperation with proven, reliable treatment programs.
Preserving family stories is as valuable a legacy as passing on material possessions. This white paper discusses the various media that families can use to preserve precious memories and other elements of their histories. In addition, the paper offers professional guidance for undertaking such a project.
Financial planning for the education of children or grandchildren is crucial – not only for parents but also for grandparents and other relatives who can afford to help. But just putting aside the money may not be enough. It may be important to consider other options, taking into consideration strategies that minimize income, gift and generation-sk...
Most parents strive to give their children a solid education. Yet among some wealthy families, one area of schooling could use a little more parental TLC. It won't lead to a diploma or show up on anyone's curriculum vitae. But without a solid understanding of their family's wealth, some members of the next generation may be ill-equipped for it.
The most intractable conflicts that arise in business-owning families occur when parties support their opposing positions by reference to histories that contradict each other in essential points. Here is a method of using the shared core of opposing stories to maintain reasonable discussion of primary, must-solve issues while not allowing the myria...
While each stage of life presents its own opportunities and challenges, the similarities in the paths individuals need to follow to meet their health and wealth goals are unmistakable. By adopting a holistic approach that includes prevention, proactive planning and professional advice, individuals will be on their way to ensuring a healthy and rewa...
The current financial crisis has caused many individuals to re-evaluate the role that money plays in their lives and has given families the perfect incentive to have realistic conversations about money. Noting that family advisors and mental health professionals long have advocated "financial parenting," this paper offers guidance for raising finan...
From planning an agenda and obtaining family buy-in to selecting the right venue and leading an event, this short article is replete with practical ideas for organizing family meetings and making them both fun and productive for participants.
Independence, freedom, the ability to choose their own destiny and focus on giving back to their community are the things that motivate extremely affluent women. The ability to pursue work they are passionate about, develop their personal strengths and be of service to those less fortunate make today's wealthiest women happy and fulfilled.
This paper defines a relatively new measure of active management; discusses how it might be used alone and in combination with tracking error to better characterize and compare active managers; discusses how it might help to identify managers most likely to outperform their benchmarks; and promotes further discussion and research of active share as...
Long-term care insurance, a meaningful solution to the long-term care risk exposure facing the ultra-wealthy, also can be a flexible and economical employee benefit, particularly in light of its statutory classification and tax treatment.
While it is always a good practice to be prepared for possible future transitions, the current economic climate makes succession planning imperative. A well designed succession plan will help protect client relationships, ensure business continuity, promote economies of scale and provide procedures for dealing with the eventual retirement of adviso...