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Learning early on how to assist family members to understand the conceptual and practical aspects of their social connections is a central concern of the family. Using a confidentiality/non-disclosure agreement provides a structure and begins a process that sets the framework for this work.

A search for identity and independence in a personal journey separate from the family, a challenging of assumptions, a wrestling with questions. These are the 20-something years – critical, testing and thrilling, for both young adults and their parents.

Family dynamics often play a critical role in the long-term success of family businesses, and women's relational and interpersonal skills tend to make them well-equipped to manage these issues. Effective leadership within the family business is, now more than ever, dependent on the inherent relational skills that a woman can bring to the busine...

A business transition plan should provide a good fit: for the business, for family members and for the owner. A transition road map also should provide clear instructions in the event of the owner's incapacitation or death – a sound reason to establish a plan sooner rather than later.

Just as every business needs a succession plan if it is to survive the death or incapacity of its founder, every family should plan for the successor management of the family's finances. Failure to attend to this issue can lead to serious consequences for the surviving spouse and other family members.

One of the most important aspects of a family’s legacy planning can be philanthropy. Family philanthropy can be thought of as the organized charitable giving by several members of a family to achieve a unified goal. It is more than the annual giving of one individual or married couple, though such giving is critically important in its own right. P...

A paper from The Madison Group says the ability of family members to meet, discuss and make decisions about issues is a critical component of long-term harmony in the family. Discussion begins with the individual members learning the skills to "show up" in a positive way and is carried through in a process that can be trusted and honored.

The five stages of raising the next wealth owning generation of a family and principals of each stage.

Understanding the family history can help to create a family legacy, establish sound strategy to keep future generations interested in a family business and develop philanthropic missions for these future generations.

One tradition that some FOX members take quite seriously is that of documenting their family’s, company’s and even family office’s history. To assist other FOX members who haven’t yet decided upon the best means of accomplishing this challenge, we talked with two family group, the Richardson Family and the Laird Norton Family, who have done an extr...

Traditional wills involve what you want your loved ones to have. Ethical wills involve what you want your loved ones to know. This short article discusses how the ancient practice of crafting an ethical will is an essential piece of today’s multigenerational wealth planning.

While family businesses are playing an important role in the economy and studies have regularly shown that in the long-term they outperform other businesses, there is the continual challenge of succession to the next generation. An estate is built up over the generations and the family grows larger. This source of diversity is not without its chall...

Are you doing everything you can to sustain your family relationships and your wealth? This study provides a look at the 15 best practices that 192 members of the world's most successful multi-generational families - members of Family Office Exchange and the Family Business Network - rely on and view as important for the future. A copy of the surve...

Putting together an “operating” succession plan is just one step in the business succession process. The rubber really meets the road in its execution and when the operating leadership is successfully transitioned. In a perfect world the management transition is planned and occurs over time. However, when the CEO or businesses owner une...

One of the greatest concerns among wealthy parents is that the family’s great fortune might inadvertently lead to misfortune for their children. Raising responsible children in affluence is a life-long task requiring patience and persistence. Like learning to read, financial literacy is a process that is best started in early childhood. Teachable m...