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Complete Family Wealth. Bloomberg

  • ID: 4338539
  • Book
  • 208 Pages
  • John Wiley and Sons Ltd
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A Comprehensive Resource for Growing, Maintaining, and Managing Wealth Across Generations

The successor to the classic Family Wealth (now in its twentieth year), this book provides updated and expanded information and guidance to deepen the way you think about your wealth and your legacy. Written by a team of leading experts in the field of family wealth management, it offers advisors and their clients indispensable insights into the "what," "who," and "how" of family wealth management. You′ll develop an appreciation for the distinct roles various family members play in growing and maintaining family wealth, as well as each of their responsibilities in terms of the family enterprise.

  • Understand the five forms of capital that comprise "complete family wealth"
  • Explore the roles of each family member in helping the family enterprise flourish
  • Learn how friends, trustees, and advisors contribute to family wealth management
  • Adopt specific practices that help families grow their complete wealth and ensure its survival through generations

Growth–oriented practices applied today lead to generations of family flourishing in the years ahead. Complete Family Wealth provides the answers you need along with expert guidance and proven strategies for keeping your family′s complete wealth intact.

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Preface xv

INTRODUCTION

An Invitation 1

A Welcome from James (Jay) Hughes, Esq. 1

A Welcome from Dr. Susan Massenzio 3

A Welcome from Dr. Keith Whitaker 4

The Path Ahead 5

PART ONE

CHAPTER 1 Complete Wealth 9

Right Understanding 9

Complete Wealth 10

The Five Types of Capital 11

Growing Capital 12

A Provocative Comparison 16

Measuring Qualitative Capital 16

The Family Balance Sheet 18

CHAPTER 2 Family Enterprise 23

Affinity 23

Flourishing 24

The Three–Circle Model 26

Active Ownership 30

Transition 31

Time 33

CHAPTER 3 Principles 35

PART TWO CHAPTER 4

The Rising Generation 39

Why Rising? 39

The Effects of the Black Hole 40

The Challenge 41

Meeting the Challenge 44

Rising in the Middle Passage 46

Setting Off 47

CHAPTER 5 Parents 49

Giving 49

Know Thyself 50

Nothing Too Much 51

How Much Is Enough? Fair versus Equal? 52

Communication and Control 52

Giving as Grandparents 54

Letting Go 55

CHAPTER 6 Spouses 57

Tough Questions 57

Fiscal Inequality 57

Three–Step Process 59

Spouses and Family Meetings 61

Blended Families 62

CHAPTER 7 Elders 63

Old Age Hath Yet Its Honor and Its Toil 63

Characteristics 64

Two Practices 65

CHAPTER 8 Trustees and Beneficiaries 69

Human Consequences 69

Vocabulary 70

Activity 74

Distributions 77

Conclusion 81

CHAPTER 9 Advisers 83

Questions to Consider 83

Money 84

Personnes de Confiance 85

Counselors, Coaches, and Facilitators 86

Mentors 87

A Father s Wisdom 87

CHAPTER 10 Friends 89

Friends as Wealth 89

Wealth and Friends 91

PART THREE

CHAPTER 11 Character 95

History 95

What Works 97

CHAPTER 12 Work 99

Meaning 99

Strengths and Flow 100

The Human Work 101

Play 102

CHAPTER 13 Talking with Children about Wealth 105

Development 105

The Power of the Teachable Moment 106

Are We Rich? 106

Curiosity 107

Allowances 107

Adolescents 108

Managing Privacy 110

CHAPTER 14 Prenuptial Agreements 111

Introduction 111

What Is a Prenuptial Agreement? 112

How Best to Approach a Prenuptial Agreement 114

For Parents of the Prospective Spouses 115

CHAPTER 15 The Family Executive Summary 117

Definition 117

Purpose 118

Process 118

Presentation and Next Steps 119

CHAPTER 16 Family Meetings 121

Preparation 121

Why? 122

What to Do in a Family Meeting? 123

Who to Have at a Family Meeting? 124

When to Hold a Family Meeting? 125

How to Run an Eff ective Family Meeting? 126

Where to Hold the Meeting? 127

CHAPTER 17 Family Stories and Rituals 131

The Stuff of Life 131

Rituals 133

CHAPTER 18 Family Mission Statements 137

Why a Family Mission Statement Matters 137

What Is a Family Mission Statement? 138

How to Create a Family Mission Statement 139

How to Use a Family Mission Statement 140

CHAPTER 19 Family Governance 143

Humility and Freedom 143

Constitution, Council, and Assembly 144

Design 147

Ratification 148

CHAPTER 20 Financial Capital 151

Return 151

Two Practices 153

CHAPTER 21 Family Philanthropy 159

The Benefits of Family Philanthropy 159

Philanthropy for the Family 160

Getting Started 161

Magnificence 162

CONCLUSION

Individual Flourishing 165

Many Blossoms 165

The Five Ls 166

The Four Cs 167

Three Little Words 168

EPILOGUE

The Future? 171

About the Authors 175

Index 177

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James E. Hughes Jr.
Susan E. Massenzio
Keith Whitaker
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