Tom McCullough

Keith Whitaker

A critical resource for families managing significant wealth Wealth of Wisdom offers essential guidance and tools to help high-net-worth families successfully manage significant wealth. By compiling the 50 most common questions surrounding protection and growth, this book provides a compendium of knowledge from experts around the globe and across disciplines. Deep insight and thoughtful answers put an end to uncertainty, and help lay to rest the issues you have been wrestling with for years; by divulging central lessons and explaining practical actions you can take today, this book gives you the critical information you need to make more informed decisions about your financial legacy. Vital charts, graphics, questionnaires, worksheets and other tools help you get organised, develop a strategy and take real control of your family's wealth, while case studies show how other families have handled the very dilemmas you may be facing today. Managing significant wealth is a complex affair, and navigating the financial world at that level involves making decisions that can have major ramifications — these are not decisions to make lightly. This book equips you to take positive action, be proactive and make the tough decisions to protect and grow your family's wealth. Ensure your personal and financial success and legacy Access insight and data from leading experts Adopt the most useful tools and strategies for wealth management Learn how other families have successfully navigated common dilemmas When your family's wealth is at stake, knowledge is critical — and uncertainty can be dangerous. Drawn from interactions with hundreds ofwealthy individuals and families, Wealth of Wisdom provides a definitive resource of practical solutions from the world's best financial minds.

The Top 50 Questions Wealthy Families Ask

Wealth of Wisdom

Discover practical tools and strategies for helping wealthy families retain and grow wealth In Top Practices for Wealthy Families and Their Advisors, accomplished family wealth experts Tom McCullough and Keith Whitaker deliver a comprehensive collection of practical activities that members of wealthy families can undertake to ensure their continued success and development. The book contains over 50 chapters, each highlighting a practical tool, exercise, or activity that can be applied by advisors or family members themselves. Each chapter is written by a recognized expert in the field who has used the highlighted tool, exercise, or activity over many years with great success. The book shows readers how to: Identify the factors that matter the most when it comes to retaining and growing family wealth Plan thoughtfully, invest wisely, and raise the next generation Share their decision making prudently and carefully combine family and business Incorporate charitable giving into an overall wealth strategy and seek sound advice Perfect for family wealth advisors, financial planners, and private bankers, Top Practices for Wealthy Families and Their Advisors is also an indispensable resource for managers of family trusts seeking to protect and advise their clients.

Top Practices for Wealthy Families and Their Advisors

James E. Hughes, Jr.

Susan E. Massenzio

A comprehensive guide to giving well to family members Giving is at the core of family life--and with current law allowing up to $5,120,000 in tax-free gifts, at least through December 2012, the ultra-affluent are faced with the task of giving at perhaps largest scale in history. Beyond the tax saving and wealth management implications, giving to family members opens up a slew of thorny questions, the biggest of which is, "How do I prepare recipients of such large gifts?" With that question and others in mind, Hughes, Massenzio, and Whitaker have written The Cycle of the Gift in three main parts: "The Who of Giving," "The How of Giving," and "The What and Why of Giving." The first part focuses on the people most deeply involved in family giving, especially the recipients and givers (parents, grandparents, spouses, trustees). The second part, "The How of Giving," addresses the delicate balance of givers who want to maintain some level of control and recipients who want some level of freedom in accepting and growing their gifts. The final part, "The What and Why of Giving" describes various types of gifts, from money to business interests to values and rituals. The authors also introduce their "family bank" concept as a model that combines loans, trusts, and outright gifts. It embodies a framework and set of practices for long-term family growth. Even families without great wealth--or those who have already made large gifts to their children and grandchilren--can benefit from the human wisdom and practical advice found in The Cycle of the Gift.

Family Wealth and Wisdom

The Cycle of the Gift

Avoid "Shirtsleeves to Shirtsleeves" by Finding Your Voice Growing up in a family with significant wealth or a family business can often feel like an exercise in silence. What should you ask? Whom should you ask? When? Is it ever right to talk about such things? The Voice of the Rising Generation speaks directly to those who find themselves living in that silence, the so-called "next generation." Great wealth or a family business can act like a "black hole," sapping the dreams and aspirations of future generations who feel that they can never measure up to the fortune's founder. This book, written by a psychologist, an educator, and a wise counselor who single-handedly changed the landscape of family wealth, diagnoses with economy and precision the cause of entitlement and dependency. It is not too much money or too few chores. It is the failure of rising generations to individuate, that is, to pursue their dreams, develop their resilience, and find their voice. Many books are addressed to parents and grandparents who worry about the effects of wealth on their descendants. Almost alone in the field, this book speaks directly to 20-, 30- and 40-somethings, encouraging them—literally, giving them courage—to meet the challenge of integrating wealth's power into their lives, rather than disappearing into the black hole. Readers will: Come to understand the true causes of entitlement and dependency Identify the psychological characteristics of the rising generation and the challenges proper to its development Clarify their own dreams, work, and vocation Navigate personal relationships and communication within the context of wealth Recognize the special challenges faced when rising is delayed until mid-life. If you are a young person who is starting your life's journey and wondering about the effects of parental gifts, trusts, or a family business, this book will offer you questions, reflections, and lessons-learned to help you find your own way. If you are a parent, grandparent, elder, or mentor, The Voice of the Rising Generation can serve the young people in your life as a gift more precious than gold.

The Voice of the Rising Generation

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.

Wealth as Well-Being

Complete Family Wealth

What matters most in managing the family enterprise Complete Family Wealth is a comprehensive resource for growing, maintaining, and managing wealth across generations. A successor to the classic Family Wealth, now in its 20th year, this book provides updated and expanded guidance to change the way you think about your wealth and legacy. This team of expert authors—who brought the field not only Family Wealth but also Family the Compact, The Cycle of the Gift, The Voice of the Rising Generation, and Family Trusts—ground Complete Family Wealth in a clear account of the “five capitals”: human, intellectual, social, spiritual, and financial. The discussion covers the “what,” “who,” and “how” of family wealth management in clearly-delineated chapters that allow you to dip in as needed, from the principles of family enterprise to family governance, philanthropy, and more. Each family member plays a distinct role, and by exploring each member’s responsibilities in terms of the family enterprise, this book provides insights and ideas for real-world families struggling with all-too-common challenges. Growth-oriented practices today lead to generations of family flourishing in the future. This book provides the answers you need along with guidance and strategy for keeping your family’s complete wealth intact. 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 Family wealth can sometimes feel like more of a burden than a blessing. Developing the right understanding, character, and structures can improve family enterprise management and protect all your family’s capital from whatever the world throws your way. Complete Family Wealth is a one-stop reference for ensuring a positive legacy for future generations.

Hartley Goldstone

An insightful and practical guide to family trusts Family Trusts is a step-by-step guide for anyone involved in family trusts: trust creators, trustees, beneficiaries, and advisors. It will help families create and administer a culture that recognizes trusts as a gift of love. Marrying the practical and emotional aspects of family wealth, this book provides a hands-on primer that focuses on fostering positive relationships, and structuring the trust appropriately for the situation and the people involved. It tackles difficult topics with frank and honest discussion, from the first beneficiary meeting to working with addictions, and more. Written by a team of experts in family wealth, this information is becoming increasingly crucial to the successful execution of a trust; you'll learn what type of person makes the best trustee, how to be an excellent beneficiary, and the technical aspects that help you build a better trust from the very beginning. There's been a staggering increase in trustee/beneficiary litigation and hostility, but that doesn't mean it's inevitable. Plenty of trusts are running smoothly, with positive experiences on all sides. This book shows you how to set up your trust to succeed from the start, with step-by-step guidance and expert insight. Express clear and thoughtful intent for the trust Create a healthy and supportive culture Select the right trustee, trust protector, and trust advisor Take the time to prepare before initially meeting the beneficiary Conduct a productive first meeting to set a tone for the relationship Historically, there has been little consideration given to the culture of trusts, and this oversight may be a key driver of the behavior that's becoming more prevalent. Family Trusts explores the nature of these relationships, and shows you how to build a trust that retains the nature and spirit with which it was intended.

A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators

Family Trusts

Discussing a prenuptial agreement is one of the greatest challenges a couple can face: it involves love, money, and often the dynamics of their families of origin. This white paper describes what a "prenup" includes, how best to approach it as a couple, and how parents of the prospective spouses can be most productively involved. It aims at making the prenup process strengthen rather than undermine couples' future lives together.

Keith Whitaker

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