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Choosing a trustee is a major decision—one that may impact you and your family in many ways for generations to come. Essentially, when you establish a trust for the benefit of others, you are handing down your values through the terms of the trust and your contributed financial assets. And with an increasing number of trusts lasting for multi...

Wealthy families often take every precaution in preserving their legacies for future generations, with carefully constructed estate plans, wills, and trusts. But they often overlook the hidden factor that can undermine all these plans, and it isn’t investment returns or poor estate planning: It’s family dynamics. Studies have shown that...

At its core, a mission statement serves as a compass, continually steering an organization or business toward their goals. For the families who undertake the process of creating a mission statement, it provides a similar and essential navigational tool. To be successful, however, the mission statement must resonate and mean something to everyone in...

When it comes to budgeting, there are a few basics: Track your spending, know where your money goes, and don’t spend more than you earn. These fundamentals can boost your financial well-being and put you on a path toward reaching your goals—but going beyond these basics can help you accomplish so much more. With this easy-to-follow guid...

Beginning with the trustee fiduciary duties to the beneficiaries of a trust, attorney Abbey Magnuson of Foley & Lardner’s Estate & Trusts Practice Group discusses ways to mitigate trustee liability in this 10-minute interview with Brian Lucareli. Abbey also emphasizes the role Family Offices play in the administration of trusts and ho...

A large and growing cohort of next generation (next gen) investors in the Asia-Pacific (APAC) are preparing to take on the responsibility of managing their family’s wealth and take on an active role in maintaining sustainable generational success. While there is no standardized playbook for establishing family sustainability, next gen investors and...

Many business owners worry about how their success and wealth will impact their loved ones and the next generation. The fear behind it can hinder the ability of future generations to build on past success and even lead to family tension. To successfully move past the fear-based planning and toward a collaborative approach, five secrets an...

The college admissions world is constantly changing. In this webcast, Lindsay and Olivia of LogicPrep discuss recent admissions trends, the different types of test-optional policies, and what parts of your application matter most to colleges right now.

To effectively serve as a trustee, it's crucial to understand your fiduciary duties. Even trustees with the best of intentions can create liability for themselves by being unprepared for the job or by not fully understanding their obligations. Learn more about some of the common mistakes family trustees make that can lead to lawsuits and other...

When it comes to selecting trustees, families often choose family members to serve in this role. However, if you agree to serve as a trustee, you become a “fiduciary” who must understand all of your fiduciary duties and perform them all. This is vital because even if you do not understand your duties, you can still be held liable for violating...

Unlike trustees, who have very specific fiduciary duties spelled out for them in our trust laws, beneficiaries don’t have much guidance to help them in the role of beneficiary. Our answers to these frequently asked questions should help provide guidance on how to be a good beneficiary and your rights as a beneficiary under Michigan law.

In this 3-part series on essay writing for your college application, insights are shared to help high school students understand what makes an essay good and how to get started on writing a unique, compelling story to tell in their personal statement. The essay also plays an important role in connecting a student's personal, academic, and extra...

With Early Decision and Early Action deadlines looming closer, you may be asking yourself: is the stress and effort involved with applying Early actually worth it? According to admissions statistics at a variety of colleges, the answer is a resounding yes! Check out the Early vs. Regular admissions statistics from top colleges here and learn what t...

While many high school seniors approach early decision colleges by applying to their dream school, that’s not always the best approach. The best choices involve strategy just as much (if not more than) emotion. For the students torn between two or three potential early decision colleges, three tips are provided on how to choose.

Despite the fact that so many college admission discussions center on “getting in,” college admissions is not a one-way street. So how do you make sure you select the school that is best for you? Visiting the college can be extremely helpful, but there’s more to do than simply touring or attending an info session.