Despite the best of intentions, transferring an investment property or vacation home to more than one recipient – without first considering the financial and emotional repercussions – may cause disputes, confusion or unexpected responsibilities. Answering the questions posed here can help provide valuable guidance.
Questions of what should be revealed, to whom and when all make up what Inheriting Wisdom refers to as the “Transparency Myth.” The Transparency Myth relates to the belief that transparency among families, although generally considered a good attribute, can also have less productive results if offered at inopportune times. This paper examines in-de...
Parents often struggle with determining when to talk with children about family finances, what information to share and how family wealth can be used to provide children with the best resources and opportunities without creating passive expectations that discourage financial independence. This sourcebook provides recommended resources categorized b...
The obvious reason to encourage wealth in a free society is that the lure of becoming rich is what motivates many talented people to put those talents to use in the service of human betterment. The world has been infinitely enriched by people who started out poor or middle class but who became rich by building something extraordinary.
Because wealth often creates shared assets, joint decisions are required. And not infrequently, the children of wealth may not be as financially motivated as were earlier generations. In this white paper, the authors discuss strategies to establish governance practices to help families preserve both wealth and family harmony – and creat...
This article provides pointers to younger generation family members about how to build the confidence necessary to make decisions involving being more independent from the family such as deciding whether it's time to move out of the family home, to go to college, or to move into a residence of their own.
According to Pew Research, in February 2005, just 8% of internet users, or 5% of all adults, said they used social networking sites, compared to 67% of online adults who were using social networking sites as of June 2013. Elmore DeMott knows firsthand the benefits and challenges of social media for professional and per...
With some care and effort, your family’s story can live on and grow with each new generation. This article describes the process of creating a family archive: a treasure trove of historical information about family decendants, business accomplishements and important events. Helpful tips such as archival vendors and types of materi...
Purposeful travel is using travel as a shared family experience designed to strengthen the family's common purpose. There are endless opportunities for a family to engage in purposeful travel without at the same time holding a family meeting.A purposeful trip can cement bonds between family members, and contribute significantly to sustaining the fa...
Why is an American who has spent over a quarter century managing financial assets for his family cautioning you against selling your family business? The author urges you to think twice before selling your business.
Entrepreneurial stewardship is the key to perpetuating family wealth through multiple generations. Stuart Lucas and David Lansky discuss some of the paradoxes of maintaining a healthy, wealthy multigenerational family and how to address effectively these paradoxes. The article explains how entrepreneurial stewardship can be a key to perpetuat...
Many wealthy families envision keeping a shared property in the family as a means of building family unity, harmony and legacy. A number of notable families have been successful at this, but many others find the reality creates the opposite of their intention.
This case study looks at four family members aged 16-23 encouraged by their father to engage more deeply in the family's philanthopy. The report outlines the process the family members went through and lists seven key success factors.
One of the greatest concerns among wealthy parents is that the family’s great fortune might inadvertently lead to misfortune for their children. Raising responsible children in affluence is a life-long task requiring patience and persistence. Like learning to read, financial literacy is a process that is best started in early childhood. Teachable m...
Sudden wealth is not something that happens only to the young founders of a social network. It can happen to elderly couples who have spent their lives building a business. It can happen to a chief executive receiving multi-million dollar dividends or vested options, a middle class young man newly married into a family of wealth, a newly divorced w...