Resource Search

Many families of wealth struggle with a fundamental question: Can our wealth be sustained across generations and have a positive impact on those who use it? Through experience and research, a series of best practices for the successful transfer of multi-generational wealth has been identified to help reduce the likelihood of families succumbing to the paradigm of “shirtsleeves-to-shirtsleeves in three generations.” Families who devote time and effort to adopt the best practices will be better able to increase the 1 in 3 chance of maintaining wealth through multiple

In a perfect world, parents would have a well-thought-out plan for wealth transfer, explain their intentions, and help their heirs learn their roles and responsibilities. But life doesn’t always unfold in an orderly way to provide such a roadmap. Sometimes, inheritors may need to step in to play a more active role so they can empower themselves with the knowledge and tools necessary to make the best decisions for themselves and their family’s legacy.

Family offices can be complex, requiring forward thinking and collaboration on a variety of initiatives. Learn more about family office market trends that may impact your organization and key considerations to help you plan your strategy.

The big wealth transition is now underway, with ownership of more than 60% of family enterprise expected to be handed off within the next decade. With the input of business owners and Family Enterprise Advisors, this report takes an in-depth look at transition planning and how family business leaders can prepare their family, as well as their business, for this imminent transition of wealth, ownership and leadership.

As families transition into another year navigating the pandemic’s unknowns, the need to prepare for succession and practice decision-making is greater. In this Tolleson Insights podcast episode, Richard Joyner shares why prepping for a family’s future and helping eliminate the “what would happen if…” is essential.

Enterprising families are acutely aware of the threats and opportunities that influence their sustainability. Through the data and insights gained from this report, we aim to deepen the collective understanding and importance of the next generation and their hopes and intentions when it comes to their family business and legacy. This report also includes key questions and insights on the transition of ownership, including intentions, timelines, and perceived barriers to and within family ownership transition.

Most business owners know that proper succession planning can help keep their business running strong into the next generation. They understand the importance of creating a plan to prepare heirs and key employees to run the business when it is time. In taking a different approach and applying the lessons learned, a list of seven “worst practices” is provided to help families prepare for an unplanned business transition.

It is an unfortunate fact of life that, as we age, our cognitive powers often decline. To assist people as they reach this stage in their lives, states provide a mechanism by which a person’s friends and family may petition a court to declare him or her incapacitated, and for the court to appoint a guardian to manage his or her affairs. While the guardianship process is meant to assist people in cognitive decline, it also exposes them to considerable risk. However, there are steps that you and your family can take to minimize those risks, including designating a preneed guardian.

For insights on integrated wealth planning, this issue of The Advisor presents a view from the top with Joe Kahn, The New York Times Managing Editor, the impact of globalization 2.0, and the U.S. presidential election 2016 and the candidates’ tax platforms. Also in this issue are the best practices in providing age-appropriate transparency when it comes to discussing a family’s wealth plan. Following it is the takeaway on the advantage of Delaware’s laws on directed trusts.

It can be surprising to hear that just 30 percent of families successfully sustain their wealth beyond three generations. The reasons for wealth transition failures are generally personal rather than technical—resulting from a breakdown of communication within the family, inadequate preparation of heirs, and lack of a shared family vision. Successful families consider the impact of wealth on their family and look beyond financial capital to consider human, intellectual, and social elements of unique wealth.