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Family wealth encompasses more than the financial capital of the family. From a multi-generational and family sustainability perspective, it’s about thinking beyond the private wealth and incorporating a holistic approach that prepares the human capital, enhances the intellectual capital, and builds the appropriate governance framework. This shift ...

It is not uncommon for enterprising families to end up making sub-optimal capital allocation decisions due to limited visibility into, and planning around, the entirety of their shared family assets. To optimize the value of shared family capital, both the business and other entities or advisors in the enterprise ecosystem must work in harmony. Wit...

As enterprising families expand across generations, they often stray from their entrepreneurial wealth creation roots to a more risk-averse wealth-protection mode. However, if maintaining shared family capital across multiple generations is the goal, wealth protection mode is not an ideal strategy and may have some unintended consequences. Building...

When it comes to effectively transferring assets, the Grantor Retained Annuity Trusts (GRAT) is a popular estate planning strategy that can reduce the tax liability. In this interview, three attorneys discuss the benefits of GRAT and the securities law case, Donoghue v. Smith, involving that strategy.

Trusts are valuable tools frequently used to transfer wealth within families, preserve and protect wealth, and reduce taxes. Understanding trusts and the role of the trustee is important for the people establishing trusts and the beneficiaries of those trusts. Building on this foundation, answers are provided to some questions about trusts and trus...

Generally, parents lose access to their child’s health and financial information once the child becomes a legal adult at the age of 18 unless certain steps are taken. To this end, here is a list of seven essential legal documents for parents to complete when their children turn 18 and before they go to college or leave home for ...

Being asked to oversee a family trust is a big deal. It’s a huge responsibility, and one you may not feel prepared to accept. Even if you’ve participated in or been exposed to the world of trusts, you may not have the knowledge or skills to be an effective trustee right now. The first step in deciding whether to accept this role is to learn more ab...

In collaboration with a consortium of interested parties, including Holland & Knight attorneys, the Tennessee legislature has made significant strides toward securing and maintaining the state’s status as one of the leading jurisdictions for trust administration. These efforts have resulted in more consequential improvements to the Tennessee’s ...

Simply because the instrument governing your trust states that it is irrevocable and cannot be amended does not mean it cannot be modified to serve your family’s needs in a better fashion. Delaware law offers an array of options—administrative amendment, decanting, a nonjudicial settlement agreement, consent modification, trust merger, and judicial...

Beginning with the trustee fiduciary duties to the beneficiaries of a trust, attorney Abbey Magnuson of Foley & Lardner’s Estate & Trusts Practice Group discusses ways to mitigate trustee liability in this 10-minute interview with Brian Lucareli. Abbey also emphasizes the role Family Offices play in the administration of trusts and how they...

Enterprise families are unique because they share ownership and stewardship of more than just family businesses. In addition to co-owning operating companies, they are the guardians of family legacy, family trusts, shared philanthropy, and joint properties. As leadership moves from founders to siblings to cousins and family priorities change, the d...

Leading and sustaining an enterprise family that shares the ownership and stewardship of collective family assets can be challenging in the face of growing complexity and diversity. Fortunately, there is a path forward for families to ensure they thrive across multiple generations. Where To Begin Co-authors Sara Hamilton...

The 50 Best Practices for an Enduring Family Enterprise are the practices that we believe have contributed to the multi-generational success of the highest achieving and most forward thinking families that we know. Case studies, exhibits, and peer benchmarking data are also included to assist you in assessing the relative importance and state of th...

The State of the Art in Family Wealth Management is a great resource for those who need to better understand what it means to be an “enterprise family” and understand how to work within a Family Enterprise Framework. Inside you’ll find the big picture view of the work that families need to be prepared to do, where families need to focus their ...

21st century wealth owners and their financial advisors often seek to design trusts that are flexible enough to withstand personal and financial changes yet manage the investment's outcome. Trusts serve the useful purpose of retaining control of funds pending certain events, after which funds may, can or must be transferred to or on behalf of the b...