4 Steps to a Family Governance and Education Program

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 […]

Revocable Living Trusts: What to Know

What Do Revocable Living Trusts Do? A revocable living trust (RLT) allows individuals to avoid probate and plan for incapacity. By itself, a revocable living trust does not provide asset protection or estate tax benefits. However, revocable living trusts can serve as the foundation for an estate plan that uses these irrevocable trusts. Trusts generally […]

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 Introduction What is the feeling that you most associate with the word “money”–excitement, fear, anxiety, or something else? Does money make you happy? […]

How to Avoid 4 Estate Planning Pitfalls

In 1973, the artist Pablo Picasso died with an estate worth $100-$250M and no estate plan. The ensuing battle over his estate lasted six years and cost $30M. This was good for lawyers and not so good for Picasso’s descendants! Unfortunately, Picasso’s estate is just one example of a common problem. Many people either do […]

9 Ways to Build “Heroic 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. That includes […]

The Wyoming Private Family Trust Company

Families have a variety of options when they select a trustee to administer their trusts. There are two traditional options: an institutional trustee, such as a trust company, or an individual trustee, such as a family member or trusted advisor. In either case, these traditional trustees may not meet all of a family’s unique goals […]

Private Client Services: Family Office Quarterback

The term “family office” is hard to define because it appears in so many different forms.  There’s a well-known saying, “Once you’ve seen one family office, you’ve only seen one.” Some family offices are comprised of nothing more than a financial advisor. This advisor coordinates services with external tax experts, insurance providers, bankers, brokers, and perhaps […]

The Family Dynamics of an Estate Plan

People Planning for Family Dynamics Estate planning is about protecting assets over time for the good of beneficiaries. The last part is the most complex and also the most important. While many grantors intend for their trusts to become a gift of love that enhance the lives of beneficiaries, in reality trusts often become a […]

The Reason to Tell Your Family Story

How long does wealth typically stay in the family? The old proverb “shirtsleeves to shirtsleeves in three generations,” which indicates accumulated family wealth largely dissipates by the third generation. However, there are families–sometimes referred to as Legacy Families or Century Families–that persist in transferring wealth across multiple generations. These families transfer more than financial assets; […]

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 […]