Family Banks: Personal Commitment, Accountability and Multi-Generational Mentoring

Overview

Over the past decade, matriarchs and patriarchs of successful families have been shifting their focus of the family’s largess from their children to a broader group of individuals, such as grandchildren, siblings, and nieces. Often they choose to create family banks, which are typically trusts that are funded to help individuals pursue entrepreneurial opportunities, venture philanthropy, and knowledge in a structured and more-likely-to-succeed manner. Family banks can be customized to fit a family’s agenda, and the risks inherent in family banks are manageable.

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