The Dilemmas of Family Wealth: Insights on Succession, Cohesion, and Legacy
248The Dilemmas of Family Wealth: Insights on Succession, Cohesion, and Legacy
248Hardcover
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Overview
About the Author
Table of Contents
Foreword. Introduction. About the Contributors. Part One: Transitions and Letting Go. Introduction. 1 Succession and Letting Go of a Business. Dilemma: It’s time to plan for succession, but I don’t know how to let go of the business. 2 Keeping Future Generations Connected. Dilemma: I sold my business at the right time and have more than enough to take care of my family, but I feel alone and uncomfortable in my new position of wealth. What do I do with my time, and how do I preserve a connection with the family wealth in subsequent generations? 3 Future Wealth Generators. Dilemma: As the family grows, the original fortune is not enough to support everyone. How can I support and encourage future wealth generators to add to the family coffers? Part Two: Retaining Family Cohesiveness. Introduction. 4 Keeping the Family Together. Dilemma: I want the wealth to enhance our dreams, but don’t want it to be the only reason we stay together. 5 Integrating New Family Members. Dilemma: As new members come into the clan through marriage, how do I level the playing field if one partner is less wealthy, and what value do certain structures like prenuptial agreements offer me? Part Three: Preparing Heirs. Introduction. 6 Preparing Children and Grandchildren. Dilemma: I need to prepare my children and grandchildren for the responsibility of wealth, but I’m afraid that if they know too much, it will destroy any initiative to earn a living. How do I communicate this concern? 7 Fairness in Estate Planning. Dilemma: I plan to be fair to my children, but if I leave them unequal amounts of money, am I setting up a future battleground? 8 Strategic Philanthropy. Dilemma: I want to give some of my wealth back to society, but how can I do it without my children thinking I’ve given away their inheritance, and in a manner that will reflect our values and enhance the family legacy?What People are Saying About This
“When the mountains of unread books on investing and estate planning are weighed against The Dilemmas of Family Wealth, many will elect to keep this book on the bedside table. Instead of teaching how to calculate P/E ratios or ROI, these twenty-three wise practitioners share their insights in ways that encourage action—not calculations! Wealthy baby boomers, who have been frustrated by so many other how-to books, should rush to purchase this terrific compendium.”
— Charlotte B. Beyer
CEO, Institute for Private Investors
“Most families aspire to use wealth purposefully and to raise children as thoughtful stewards of their inheritance. But such aspirations are often thwarted for lack of the kind of sound guidance that Judy Martel offers in The Dilemmas of Family Wealth. The value of this very effective book lies in the stories that illuminate the complexity of wealth—and how to deal with it in the context of the family system. Martel’s book is both specific and provocative. Families would be wise to buy multiple copies and read the book together, chapter by chapter!”
— Joline Godfrey
CEO, Independent Means Inc.
Author, Raising Financially Fit Kids
“Wealthy baby boomers have many individual advisers, but they desperately need some guidance on how to work together as a family to create the best possible future for themselves and their investments. This is a great guide to all facets of the personal side of wealth planning.”
— Dennis Jaffe
Professor, Saybrook Graduate School
Executive Director, Family Enterprise Center
San Francisco State University