Complete Family Wealth

Auteur
JAMES E. HUGHES, JR. is a retired attorney and the author or co-author of several books on the dynamic preservation of true family wealth, including Family Wealth: Keeping It In The Family, Family: The Compact Among Generations, and Cycle of the Gift: Family Wealth & Wisdom. SUSAN E. MASSENZIO, PHD, is a psychologist and co-founder of Wise Counsel Research, a think tank and consultancy. She has extensive experience consulting to senior executives, helping leaders develop effective succession plans. KEITH WHITAKER, PHD, is an educator and co-founder of Wise Counsel Research. He has extensive experience consulting to leaders of enterprising families, helping to plan succession, develop next-generation talent, and communicate around estate planning.

Texte du rabat

A primer for families of high net worth on how to manage their qualitative and financial wealth for generations The second edition of this foundational work, Complete Family Wealth: Wealth as Well-Being provides proven tools and best practices for families of means to use in maturing, maintaining, and managing personal and legacy wealth long into the future. The book is divided into three parts: the "what"--what is meant by family, wealth, and enterprise; the "who"--the persons crucial to family enterprise flourishing; and the "how"--specific practices families can use to enhance and grow family wealth. The second edition of this work places the health and well-being of the individual members of the family unit at the forefront of every aspect detailed within the book. A natural product of this focus is an increased awareness of the social complexities of wealth that have come to the fore in recent years, and the team of expert authors here address the responsibility of private wealth to the public good. In addition, Complete Family Wealth's second edition provides readers with: A new chapter on "the big reveal," suggesting ways to encourage positive, life-affirming reception of the revelation of present or future wealth An additional chapter on preserving the beloved family vacation home Two new appendices: "Fiduciary Course Curriculum," dedicated to enhancing the education of trustees and beneficiaries; and "Key Practices for Families During Challenging Times," a response to the pandemic but relevant to all trying periods for families Examples that make these practices accessible to a broad audience across the wealth spectrum. Having shaped the language used by families and their advisors with the first edition, Complete Family Wealth's second edition is essential reading for families of high net worth and their financial advisors. It will also be of interest to family offices, fund managers, as well as private investors.

Contenu
Preface to the Second Edition xv Preface to the First Edition xvii 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 6 Part One Chapter 1 Complete Wealth 9 Right Understanding 9 Complete Wealth 10 The Five Types of Qualitative Capital 11 Growing Capital 13 A Provocative Comparison 16 Measuring Qualitative Capital 17 Chapter 2 Family Enterprise 19 Affinity 19 Flourishing 20 The Three-Circle Model 22 Active Ownership 25 x Contents Transition 28 Time 30 Chapter 3 Principles 33 Part Two Chapter 4 The Rising Generation 37 Why Rising? 37 The Effects of the Black Hole 38 The Challenge 40 Meeting the Challenge 42 Rising in the Middle Passage 45 Setting Off 45 Chapter 5 The Big Reveal 47 Confirmation 47 What's Next? 49 The Pause 50 Courage 53 Chapter 6 Parents 55 Giving 55 Know Thyself 56 Nothing Too Much 57 How Much Is Enough? Fair versus Equal? 58 Communication and Control 58 Giving as Grandparents 60 Letting Go 62 Chapter 7 Spouses 63 Tough Questions 63 Fiscal Difference 63 The Three-Step Process 65 Spouses and Family Meetings 67 Blended Families 68 Chapter 8 Elders 69 "Old Age Hath Yet Its Honor and Its Toil" 69 Characteristics 70 Two Practices 72 Chapter 9 Trustees and Beneficiaries 75 Human Consequences 75 Vocabulary 76 Activity 80 Distributions 83 Conclusion 87 Chapter 10 Advisers 89 Questions to Consider 89 Money 90 Personnes de Confiance 91 Counselors, Coaches, and Facilitators 92 Mentors 93 A Father's Wisdom 94 Chapter 11 Friends 95 Friends as Wealth 95 Wealth and Friends 97 Part Three Chapter 12 Character 101 History 101 What Works 103 Chapter 13 Work 105 Meaning 105 Strengths and Flow 106 The Human Work 107 Play 108 Chapter 14 Talking with Children about Wealth 111 Development 111 The Power of the Teachable Moment 112 Are We Rich? 112 Curiosity 113 Allowances 113 Adolescents 114 Managing Privacy 116 Chapter 15 Prenuptial Agreements 117 Introduction 117 What Is a Prenuptial Agreement? 118 How Best to Approach a Prenuptial Agreement 120 For Parents of the Prospective Spouses 121 Chapter 16 Getting Started 123 Questions 123 Questions for Reflection 124 Practices 124 Chapter 17 Family Meetings 127 Preparation 127 Why? 128 What to Do in a Family Meeting? 129 Who to Have at a Family Meeting? 130 When to Hold a Family Meeting? 131 How to Run an Effective Family Meeting? 132 Where to Hold the Meeting? 133 Chapter 18 Family Stories and Rituals 137 The Stuff of Life 137 Rituals 139 Chapter 19 Family Mission Statements 143 Why a Family Mission Statement Matters 143 What Is a Family Mission Statement? 144 How to Create a Family Mission Statement 145 How to Use a Family Mission Statement 146 Chapter 20 Family Governance 149 Humility and Freedom 149 Constitution, Council, and Assembly 150 Design 153 Ratification 154 Chapter 21 Financial Capital 157 Return 157 Two Practices 159 Chapter 22 Preserving a Family Vacation Home 165 Hard Questions 165 Family Culture as the Solution 166 Facing Realities 167 Chapter 23 Family Philanthropy 169 The Benefits of Family Philanthropy 169 Philanthropy for the Family 170 Getting Started 171 Magnificence 173 Conclusion Individual Flourishing 175 Many Blossoms 175 The Five Ls 176 The Four Cs 177 Three Little Words 178 Epilogue The Future? 181 Evolutions in Human Development 181 Changes in Family Structure 182 New Understandings of Family Wealth 182 China 183 Appendix One: Fiduciary Course Curriculum 185 Appendix Two: Key Practices for Families During Challenging Times 195 About the Authors 201 Index 203