Successful wealth management can be positive and transformative for those who benefit from the wealth. However, in order to embrace these benefits, wealth management must extend beyond the private wealth.
Often, families execute wealth transfer planning strategies without fully considering what wealth and family legacy means to them—particularly the importance of defining and sharing their associated social, economic, and philanthropic values.
Many successful families have put their shared values and goals in writing, often called a family constitution. A constitution can help build family unity and harmony, and the creation process itself provides benefits to the family.
Departing for college is a major life event for both students and their families. While last year brought unprecedented challenges, this year is a new, different frontier where the college experience may include virtual learning, in-person learning or a combination of both.
As no two families are alike, there is no one singular approach to family education—the cornerstone to a thriving, lasting legacy. The structure, topics, and educational methods all depend on the needs, wishes, and preferences of the family members.
No matter if a family enterprise is establishing an Advisory Board, Fiduciary Board, or Owners Board, considerations must include the roles that family members might play and how best to prepare them for service.