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FOX’s annual estate planning webcast will lead participants through a thoughtful discussion of some of the most important topics and developments that were addressed at the 58th Annual Heckerling Institute on Estate Planning. Key legislative, regulatory, and case law updates impacting ultra-high net worth families and their family offices will be c...

Communication is found to be the most important factor for cohesion in families and sustainability of family wealth. As one of the key tenets to happy, healthy, and thriving families, it is essential for family members to dedicate the effort necessary to become better communicators. Practicing effective communications—including being open and ...

One of the most common concerns families have revolves around how to share wealth with family members without encouraging entitlement. With forethought and care, giving well and wisely can bring families together and strengthen the bonds between generations. The steps to giving wisely—and fostering flourishing over entitlement—include clarifying yo...

Research tells us communication is the most essential ingredient for sustaining wealth across generations. But, cross-generational communication can be particularly challenging, especially within families of wealth. Each generation’s habits, beliefs, and ideals are influenced by very different experiences, traditions, and societal norms. So how do ...

The 2018 U.S. Trust Insights on Wealth and Worth® study asked nearly one thousand high-net-worth individuals about their approach to building wealth and the extent to which they are using it to achieve their goals and support the causes they care about most. The study found that while wealth provides the freedom to do more, it also brings increased...

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: Communication. Effective communication is an ongoing effort th...

Managing family wealth over the long-term requires careful thought and a well-structured estate plan. Before making specific decisions about what’s best for your wealth, it’s wise to spend time considering what it is you really want to see happen with it. There are steps you can take—including considering trust options—to help create a legacy plan ...

Even if you are not yet ready to share the family's wealth numbers, communicating your intentions to the next generations promotes family harmony and is a best practice for successfully sustaining and transferring family wealth. It may also be time to schedule a family meeting for this purpose. There is no right way to conduct this meeting, bu...

Without the usual financial pressures of family wealth, how do you teach your children about money, work, and personal responsibility? Because the stakes are high at this point in your family journey, this article by NEPC recommends starting with the family fundamentals and a sense of purpose for the wealth. It further outlines a reliable 1-2-3 str...

Historically, beneficiaries learned of wealth transfer plans only after the death of the grantor. However, this approach often leads to unanswered questions and, potentially, feelings of betrayal when expectations for future gifts are left unmet. There are several planning tools, including a Statement of Wealth Transfer (SOWTI), that can facilitate...

Losing a loved one can be very difficult. Yet, as an executor, spouse, or family member, you need to take steps to ensure that your loved one's financial affairs are properly settled as part of the family’s end-of-life planning. To help with the process, this step-by-step guide outlines the key tasks, including selecting an executor, considering th...

Talking about wealth is every bit as important as creating a technical wealth plan—if not more so. Preparing a wealth transfer plan without helping your loved ones understand how to manage those assets in their own lives leaves the true process of sharing wealth incomplete and subject to real, but avoidable, risks. In this guide, you’ll find ways t...

Over the past decade, matriarchs and patriarchs of successful families have been shifting their focus 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, vent...

Families that have accumulated significant assets want to know how to best prepare the rising generation to help them maximize the benefits available to them, while also minimizing the unique challenges that occur when navigating the world of wealth. Younger family members may have different approaches when it comes to wealth. Understanding where t...

Traditionally, wealth advisors use a succession planning framework that involves working with the founders to look downstream to the next generation for an effective “passing of the baton” strategy. In contrast, a multi-generational approach encourages each person within the family system to contemplate and share with others where they’ve come from...