Learning and practicing the basics of money management can have a profound impact on a young child’s life. What parents often overlook, even those who are investors themselves, is taking the education to the next stage once their children get older—say, around age 11 or 12.
As individuals progress in their careers, success becomes tied more to their ability to collaborate, engage, and mobilize others than on the individual skills and abilities that may have fueled early-career advancement.
If you are wondering how it is possible that everyone in your family is offering an excuse for missing the family meeting date, then it is time for some new ideas or approaches to turn these meetings into events that no one wants to miss. How?
Families who successfully transition their financial wealth and businesses share a number of best practices, including identifying shared family values and aligning them with long-term goals. They have a commitment to a multigenerational legacy of shared purpose that provide a roadmap over time.
A beautiful summer home on the beach or keeping a home of your grandparents for all family branches to gather, relax, and enjoy sounds ideal. What happens when your cousin comes with her five kids and three large dogs for a month?
You may have a plan to transition your tangible assets, but what about your intangible assets such as your values, family history, and personal experiences?
Legacy is not just an estate plan that passes down tangible assets; it is much bigger. It is the connections, the traditions, and the opportunities that we pass down to those who come after us. It is what we have learned from the past and what we hope for the future.
For many families, discussing wealth transfer and inheritance issues can be challenging. Fear of demotivating heirs can cause wealth holders to withhold vital information.
A foundation is a powerful platform through which families can address the challenges in society about which they care about most. Yet, most families only use a small portion of their foundation assets to pursue their philanthropic missions.
