Most people learn at a young age that it feels good to give to others. Many people have been taught by parents, teachers, or mentors that “it is better to give than to receive.” Some people attach a moral or spiritual significance to giving. However, the act of giving itself can be quite complex, involving […]
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Health Care Considerations in Estate Planning
Most people think of an estate plan as a legal solution for financial matters. However, health care considerations in estate planning are incredibly important. Health care considerations will help you and your loved ones decide what to do when you may be incapacitated by illness or age, but not deceased. Life spans have increased due to […]
Five Principles for Building a Family Office
Role of the Family Office Some family offices are simple, consisting of a registered investment advisor and a few ad hoc services. Others are complex, involving multiple non-family advisors and external service providers. No matter the size or structure, the dynamics of a family office are always multifaceted. The role of the family office is […]
Family Governance & Education: Four Steps to Success
What is Family Governance & Education? Family governance and education are two key and related components of an effective family office. They serve as the foundation for responsible stewardship of wealth, preservation of family values, and transmission of wealth from one generation to the next. These services help ensure that families flourish across generations. Failure […]
Building a Positive Wealth Identity
“The life of money-making is one undertaken under compulsion, and wealth is evidently not the good we are seeking; for it is merely useful and for the sake of something else.” –Aristotle, Nicomachean Ethics 1.5 A positive wealth identity differs from financial literacy, though the two are closely connected. Wealth identity refers to one’s underlying philosophy or mindset […]
What is Real Wealth?
Real Wealth How do you measure your wealth? Most of us immediately think about bank accounts, investments, or real estate. Thinking more broadly, we might include skills we’ve acquired, a social network, and health. In fact, all of these are equally valid definitions of wealth. Wealth is really what makes us flourish as human beings. […]
Estate Planning is “People Planning”
Why People Planning Matters 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 fail to adequately address the second part, creating a positive impact for beneficiaries. Many grantors intend for their trusts to become a gift of love […]
Tell Your Story: A Family Exercise
Stories form culture in powerful ways. Narratives as small as a meme and as large as an epic poem communicate meaning and can create unity among a group of people. Stories have transmitted information across millennia. Good stories are compelling, clear, emotional, and true (metaphorically or literally). Families can and should tell stories in order […]
Do You Need a Family Constitution?
A family constitution is a morally (rather than legally) binding document that defines the family’s vision, mission, and values, and which broadly explains the legal structure and asset or business operations of the family enterprise. Any family wanting a multi-generational legacy should have a family constitution, especially if the 3rd generation is moving into a […]