The topic of wealth transfer to the next generation has been well documented. Accenture estimated that $30 trillion of financial and nonfinancial assets are ready to shift from baby boomers to their children in North America alone.
While many families are expending effort on important concepts such as improving financial literacy, defining family shared values, and creating family mission statements, such efforts are likely to be lost if families do not first focus on one fundamental aspect of a successful family: Communica
Your first home, establishing your career, marriage, a new baby, a teen’s first car, a student going to college, retirement—many of life’s major events can affect not only your life insurance and estate plans but also your property and liability insurance.
When you think about family dynamics, very often there’s a lack of that home team concept and feeling of unity. Establishing that home team within your family early on offers the greatest opportunity for generational success and healthy family governance.
Some charitable organizations are established by a trust under a will, while others are established during the donor’s life. A charity is formed by a legal document—a charitable trust instrument or articles of incorporation for a nonprofit corporation.
Many acronyms and terms are associated with impact investing, including socially responsible investing (SRI), mission related investing (MRI), and environmental, social and governance (ESG).
Philanthropy is often described as society’s “risk capital.” Our generosity can support causes and ideas that business and government agencies cannot or will not. We can use our resources to inspire new ideas, challenge existing thinking, or continue supporting an organization when others won’t.
