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Though the challenges to successful wealth transfer across generations may seem overwhelming, they can be overcome. Within the framework of open and honest communication and education, preparing the next generation for life with wealth can increase the probability that the wealth sustains, grows, and benefits many future generations. Along with five key principles to raising responsible owners of wealth, it paves a path where heirs are much better prepared for their inheritance as they become productive, contributing owners of wealth.

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.

In both complex commercial and family disputes, the caucus-style mediation has been the predominantly employed method over the joint mediation session. But as society and business systems continue to evolve, the mediation process must also evolve to where mediators should more aggressively explore the benefits of joint sessions with the parties at the outset of mediation. In a new generation of transparency-driven parties—faced with issues of growing complexity and personal implications—it calls for a dispute resolution process that is less obscure and manipulative.

Jessica Jackley, cofounder of KIVA, the world’s first microfinance website, shares her unique wisdom on financial inclusion and social justice. Jessica highlights stories and lessons from her book, Clay Water Brick: Finding Inspiration from Entrepreneurs Who Do the Most with the Least, as well as experiences from her own life as an entrepreneur, investor, and philanthropist.

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.

The field of philanthropy has primarily been built around the more tactical aspects and the how of giving while taking the why for granted.

Because of social and cultural changes that have increased women’s control of wealth, this paper seeks to help families navigate this newer development—where the female partner’s inherited wealth significantly exceeds that which her spouse is likely to generate through his own inheritance or work. It begins with McKayla’s story and the challenges she and her boyfriend faced in their fiscally unequal partnership.

The expression “an elephant in the room” is readily recognized to mean an uncomfortable situation not talked about but clearly known to all. When elephants make unwanted appearances—at family dinners, social gatherings, meetings—people get uncomfortable and begin to shut down. When this happens, they begin to operate from assumptions and draw conclusions based on their own perceptions. Overtime, these actions may cause family relationships to erode.

All business owners will transition their business at some point in the future. Whether it is a transfer within their family, such as to the next generation, or to an existing business partner or employee, or sold to a competitor or outside investor, transition will occur. Just as successfully run businesses do not happen overnight, transitioning well cannot happen without devoting the necessary focus and intentionality.

While wealthy families prefer to pass nearly two-thirds of their wealth to their children, grandchildren and other heirs, they grapple with a fundamental question: Can their wealth benefit their generation and be passed on to future generations while also having a positive impact on those future generations? Experience shows that sustaining family wealth is indeed possible when families begin to see their wealth not only as a series of activities that need to be performed, but also as an enterprise that needs to be managed.