Purposeful travel is using travel as a shared family experience designed to strengthen the family's common purpose. There are endless opportunities for a family to engage in purposeful travel without at the same time holding a family meeting.A purposeful trip can cement bonds between family members, and contribute significantly to sustaining the fa...
With some care and effort, your family’s story can live on and grow with each new generation. This article describes the process of creating a family archive: a treasure trove of historical information about family decendants, business accomplishements and important events. Helpful tips such as archival vendors and types of materi...
According to Pew Research, in February 2005, just 8% of internet users, or 5% of all adults, said they used social networking sites, compared to 67% of online adults who were using social networking sites as of June 2013. Elmore DeMott knows firsthand the benefits and challenges of social media for professional and per...
This article provides pointers to younger generation family members about how to build the confidence necessary to make decisions involving being more independent from the family such as deciding whether it's time to move out of the family home, to go to college, or to move into a residence of their own.
Because wealth often creates shared assets, joint decisions are required. And not infrequently, the children of wealth may not be as financially motivated as were earlier generations. In this white paper, the authors discuss strategies to establish governance practices to help families preserve both wealth and family harmony – and creat...
Wealth transfer to younger generations is one of the biggest concerns for families today. Many families feel that the younger generations aren’t ready to handle the wealth they’ll receive; in fact, only one-third of wealthy parents have fully disclosed their wealth to their children. The perceived unpreparedness, along with a concern fo...
A 678 Trust is a unique vehicle that (i) eliminates estate tax on trust assets, (ii) protects trust assets from creditors, (iii) allows the client to stay in control of the assets, (iv) allows the client to direct where the assets pass at death, and (v) has multi-generational “dynasty” benefits—protecting heirs from creditors, div...
Estate planning and wealth management involve the founder’s goals, family and assets. Unresolved substance use disorders (SUDs) will undermine the best plans and intent in all three areas. However, trustees and attorneys frequently overlook clients engaging in addictive behavior because they are unaware of the symptoms of the disease, don&rsq...
Sidney Reso, president of Exxon Company International, was kidnapped from the driveway of his home and ultimately murdered in 1992. Edward Lampert, one of the nation’s wealthiest investors, was kidnapped in the parking garage of his offices in 2003 and was released after promising $5 million to his kidnappers. These are only a few examp...
The low interest rate environment presents a number of opportunities to advantageously move assets between family members, including the currently popular practice of intra-family lending. It may seem as if lending within the family can be a casual affair, but those who explore the option should be sure they are taking the right steps to truly crea...
Many wealthy families desire a seamless transition of their wealth and a perpetuation of their values for multiple generations, but many struggle with how to accomplish these goals effectively. Successful families typically take intentional steps to create family meetings that foster communication, education and engagement, in order to promote coll...
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. Su...
“The cobbler’s children have no shoes,” refers to the phenomena where people who are successful at doing something spend so much time on their own professions that they neglect to take care of business close to home. In the folktale, the cobbler’s children had holes in their shoes because he was so busy repairing the shoes o...
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 entreprene...
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...