The Human Dimension Estate planning is about protecting assets over time for the good of beneficiaries. Many grantors and advisors work hard on the first part, protecting assets, but do not adequately address the second part, creating a positive impact for beneficiaries. Many grantors intend for their trusts to become a gift of love that […]
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Unique Assets: A Family Office Guide
A Family Office Private Client Services Team Perspective Family offices, which manage the wealth of ultra-high-net-worth individuals or families, often deal with a variety of unqiue assets that can be challenging to administer and value. This challenge arises from the fact that the asset is one-of-a-kind or lacks a liquid market. The Private Client Services (“PCS”) […]
Understanding Power of Attorney in Estate Planning
There are various kinds of power of attorney (POA). Knowing which to use is critical in making sure your goals are accomplished. For purposes of this article, we will focus on “financial” powers of attorney. Financial powers of attorney deal with a person’s assets or financial matters. This includes contract powers, signing authority, and dealing with third […]
Using Probability in Family Office Decision-Making
Family Offices face complex decisions every day. These involve not just financial matters, but also multi-generational family relationships. The family office is responsible for thinking decades into the future to allocate resources and manage dynamics. These decisions can have multi-generational consequences. For any of these decisions, a simple binary is not the most effective way […]
Family Office Best Practices for Fine Art
Wealthy patrons and admirers have been collecting art for millennia. The ancient Greeks and Romans eagerly collected not only art from contemporary artists, but also statues and paintings from even more ancient cultures. The motivations for collecting range from wanting to protect and preserve important cultural artifacts, to appreciating aesthetic beauty for its own sake. […]
Helping the Rising Generation Make Better Decisions
“… discover for yourself what is necessary and what is superfluous.” (Seneca, Ep. 110) “90 percent of success is not getting distracted.” — Shane Parrish Superfluous (adjective) su̇-ˈpər-flü-əs : exceeding what is sufficient or necessary : EXTRA At a Glance One of the keys to happiness and productivity is learning how to prioritize. In the internet age this is more difficult than […]
Building Resilience in Families of Wealth
Everyone faces some kind of adversity on life’s path. Building resilience is a way to build a higher chance of success. Resilient individuals (including entrepreneurs, athletes, and musicians) all share an ability to effectively cope when they face those setbacks and move forward. They use failure as a feedback mechanism to get better and keep […]
Managing and Resolving Family Disputes
Successful families often have many family members with strong opinions. Their success has come from sticking to ideas, intuitions, principles, and processes, often in the face of opposition. However, there may come a time when this tendency may also lead into a seemingly intractable disagreement among family members. Ideally the family is resilient enough to […]
How to Evaluate a Financial or Legal Advisor
There are many excellent advisors in the Family Wealth Industry. We have been honored to compete or collaborate with many of them in providing excellent services to client families. We also have received clients who previously had subpar advisors. Their estate plan revealed poorly drafted trusts and sub-par legal planning. How does a family know […]
How to Ask the Right Questions in Family Governance
Questions Build Rapport Meaningful relationships with others are an important ingredient of success and happiness in life. Knowing how to ask the right questions can help build meaningful relationships. It’s rare when great achievements come about solely because of independent intelligence or efforts. Relationships are the foundation of what James Hughes has called “social capital”—one […]