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 […]
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Managing Family Disputes
Successful people often have 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 turns into a disagreement among family members. Ideally the family is resilient enough to absorb disagreement and productively manage the conflict. This article […]
How to Evaluate an 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
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 […]
4 Family Office Best Practices
A New Era of Wealth For many decades, family offices were private and unique to each family served. In the era of Wealth 3.0, we are seeing a broadening of services, an expanding professionalism, and proliferation of options for High-Net-Worth and Ultra-High-Net-Worth families. Best practices for family offices have emerged. These 4 family office best […]
The Family’s Spiritual Capital
Two and a half thousand years ago, Solon, the Athenian wise man and lawgiver, visited the wealthiest king of his time, Croesus of Lydia (now Turkey). 1 This is the same Croesus from whom we get the expression “rich as Croesus.” Croesus showed off his fantastic wealth to Solon, and then asked him, “Who is the most […]
How to Choose an Estate Planning Attorney
Choosing an estate planning attorney for your revocable living trust is a significant decision that will impact you and your heirs. Everyone agrees on the need for a competent estate planning attorney, but how do you determine who is right for you? This article explores what to look for in an attorney’s education, experience, teamwork […]
The Wyoming Qualified Spendthrift Trust
The Wyoming Qualified Spendthrift Trust (QST) is a kind of domestic asset protection trust. Asset protection trusts can often benefit high-net-worth individuals. However, they are especially beneficial for professional practitioners such as physicians and attorneys, who are often exposed to personal liability in the provision of their services. Not many states provide favorable asset protection […]
Essential Estate Planning Questions
Clients rely on their estate planning attorneys to guide them in what to consider when developing their revocable living trust. The usual discussions are centered around how best to provide for beneficiaries and who should be in charge of things when they can no longer manage their affairs due to incapacity or death. Without proper […]
The Family Foundation: Mission, Vision & Beyond
The previous article on philanthropy focused on the reasons for giving and the importance of giving well. In this part, we’ll look at how to construct and implement a strategy for intentional philanthropy. We focus on the family foundation mission and vision statements, as well as best practices to implement a giving strategy. Family Foundation Values […]