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 […]
Insights
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 […]
Intentional Philanthropy for Families of Wealth
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 […]
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 Core 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 […]
How to Build 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 […]
How to Avoid Four Common Estate Planning Mistakes
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 one of four common estate planning mistakes. […]
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. […]
Private Client Services as the 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 […]