The Legacy Family: The Definitive Guide to Creating a Successful Multigenerational Family

Overview

Though statistics indicate that trillions of dollars will be transferred to the younger generation in the next 50 years, the recipients of that inherited wealth are unlikely to preserve and pass on their inheritance intact. Faced with this prospect, many families today wonder how to successfully transmit to their progeny their own capacity, connections, compassion, and competency that built the original wealth, so that future generations can enjoy these same advantages, and ...

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Overview

Though statistics indicate that trillions of dollars will be transferred to the younger generation in the next 50 years, the recipients of that inherited wealth are unlikely to preserve and pass on their inheritance intact. Faced with this prospect, many families today wonder how to successfully transmit to their progeny their own capacity, connections, compassion, and competency that built the original wealth, so that future generations can enjoy these same advantages, and more.

The Legacy Family, written by two experts in the field, will provide readers with a roadmap for detailing how to leave family wealth and more importantly, legacy, intact. Readers will learn a variety of skills, from how to articulate a collective vision for the future that can be embraced by all family members to the importance of creating a process so that future generations can help each member shape their own future, while nourishing their close family bonds.

This is must reading for any family that wishes to ensure that their future generations have a solid foundation on which to build successful lives.

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Editorial Reviews

From the Publisher
"A must-read for every financial family.”—Sara Hamilton, Founder and CEO, Family Office Exchange

“The encyclopedia of how to keep a family together for at least a hundred years.”—Joseph A. Field, Partner, Withers LLP

The Legacy Family is an invaluable roadmap for multigenerational families and their advisors. The authors address multigenerational wealth in all dimensions – both human capital as well as financial capital.”—Kathryn M. McCarthy, Independent Advisor to Families and Family Offices and former Managing Director, Rockefeller & Co., Inc.

“Silence is golden no longer – especially when it comes to a family with substantial assets. How to deal with conflict, how to find a better way to communicate – this is expressed in down-to-earth language with real solutions as only co-author Lee Hausner, long admired for her candor, can deliver so clearly!”—Charlotte B. Beyer, Founder & CEO, Institute for Private Investors

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Product Details

  • ISBN-13: 9780230618923
  • Publisher: Palgrave Macmillan
  • Publication date: 11/15/2009
  • Pages: 206
  • Sales rank: 895,989
  • Product dimensions: 6.40 (w) x 9.30 (h) x 1.00 (d)

Meet the Author

Douglas K. Freeman is Senior Managing Director of First Foundation Advisors, a strategic planning and wealth advisory firm for individuals, families, and foundations in Irvine, California. He provides strategic planning and organizational management advice for business, nonprofit, foundation, and family clients. He has been recognized by Worth magazine as among the 100 top attorneys in the United States and was featured by Bloomberg Financial as one of the nation’s leading estate planning attorneys. He is the founder of National Philanthropy Day.

Lee Hausner is Senior Managing Director of First Foundation Advisors, and an internationally recognized clinical psychologist, business consultant and family wealth advisor. She served as the senior psychologist for the Beverly Hills Unified School District for 17 years. She is a frequent guest on national radio and television and a quoted expert in national publications such as The Wall Street Jourbanal, Times, Forbes, Fortune, Privilege, Town and Country and Worth magazine. Lee Hausner is co-author with Doug Freeman of A Founder’s Guide to the Family Foundation, the author of Children of Paradise: Successful Parenting for Prosperous Families, and co-author of Hats Off to You: Balancing Roles and Creating Success in Family Business.

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Table of Contents

Introduction
• Roadmap to a Legacy Family
• The Family Constitution
• Family Communications
• The Family Meeting
• Family Governance
• Family Wealth Planning
• The Family Bank
• Family Shared Assets
• The Family Foundation
• Financial Competency and Life Skill Training
• Family Business Succession
• Handling Conflict
• The Brain Trust
• Taking the First Step
• Appendix: Useful Tools
• Family Strategic Planning Issues
• Sample Family Constitution
• Sample Family Meeting Agenda and Topics
• Common Feeling Words
• Family Conflicts in Wealth Planning Issues and Triggers Checklist
• Sample Family Shared Asset Agreement
• Comparisons Between Private Foundations and Donor Advised Funds
• Ten Frequently Asked Questions Regarding Foundation Governance and Management
• Financial Competency Checklist
• Reference Books and Reading List

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