Family business consultant Kenneth Kaye discusses some characteristics that facilitate trust among family members in two types of enterprises – family offices and family-owned businesses – as well as a conflict resolution intervention that capitalizes on humans' instinctive propensity to trust.
A tough economy can bring out the worst or the best in families who face difficult discussions and decisions about reducing philanthropic efforts, selling or changing a family business, or coping with a family member's problems. This article from RayLign Advisory contends that solid financial information and a no-nonsense approach to emotional subt...
Families need to learn how to talk about money openly and participate in saving, spending and giving together. The result, Silver Bridge Advisors says, will be an increase in the number of financially thoughtful children in the world, a greater ability for the next generation to use their wealth responsibly, and an increased likelihood that family ...
GenSpring reports that despite increased market volatility and instability on global markets, threats of inflation and recession, the age of affluence is upon us. It further argues that men play a central role in decision-making of most affluent families. Understanding their attitudes, views and practices may therefore help us to understand their f...
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 fiv...
The authors discuss the impact of the addicted client on the emotional well-being of financial planners. They explore how to recognize the signs of addiction, seek competent assistance, and support recovery including what works for improved treatment.
A discussion of pre-nuptial, post-nuptial or cohabitation agreements.
This article deals with the legal status of prenuptial agreements under English law.
This article focuses on the benefits of private mediation to settle intra-family legal disputes.
Families that successfully manage generational planning actively foster communication and trust within the family, identify shared values that define the family, take time to establish a thoughtful family governance system and give younger members the opportunity to have an impact through active participation in family affairs.
Suggestions for how to preserve a family legacy across generations include not letting shared assets become liabilities, recognizing that family businesses are businesses, communicating in the way that works best for family members, acknowledging family dynamics and choosing trustees carefully.
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 impli...
Women’s growing economic influence across all generations has been one of the most significant shifts within our economy across recent decades. While this new dynamic represents great progress, many women lack confidence when it comes to investing. To help change this mindset, this issue focuses on sharing stories that lead by experience to build c...
Discover different learning approaches taken by three families who partnered with a FOX consultant to develop their human capital, engage the next generation, and create a culture of learning at an early age. These three vignettes exemplify best practices and trends in family education, including the formalization of family learning.
When wealth owners are asked what challenges them most, their first answer is frequently, “helping my children become productive adults.” Parents want their wealth to be a source of satisfaction and opportunity for their children and want to ensure that their children are prepared for the responsibilities that come with wealth. Getting this right i...