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unHeritage – 11 Pitfalls to Family Legacy and How to Avoid Them
“unHeritage is definitely the lighthouse for protecting your family and wealth for generations. This book is a must read for anyone interested in legacy planning.” Enzo Calamo
Center for Family Conversations
The Center for Family Conversations (CFC) is a resource center that provides the integral tools and ideas in helping families establish a 100-year-plus Family Legacy Plan.
THE TYCOON PLAYBOOK – How Business Empires Are Built
The Tycoon Playbook course was created for business families who are already running a successful business and wish to ramp up their growth while preserving wealth for future generations. Specifically, the Playbook teaches high performance business owners the two most highly rewarded skills in business, namely deal-making and how to acquire cash flow producing business assets.
Family Business Dynamics
Women whose moms worked outside the home are more likely to have jobs themselves, are more likely to hold supervisory responsibility at those jobs, and earn higher wages than women whose mothers stayed home full time, according to new research.
Working with family members: yes or no, and why?
The following answers are provided by the Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising youn
Family-run companies need structure and careful planning. Your relationships and success depend on it.
Asset Transparency in Families of Wealth & Family Business – David Berek Chicago attorney Dave Berek explores the question, “To Reveal or Not Reveal?” in his presentation, The Transparency Myth in Families of Wealth and Family Business, together with co-panelists Dr. James Weiner and Nadine Scully at the Family Firm Institute
The Idea of Family Wealth This topic is absolutely foreign to the middle class, and even many high income earners. I myself have never experienced it;, my education comes directly from speaking with wealthy individuals and observing some of the richest families in history. The Idea of Family Wealth.
Preparing Heirs by Bill High What is it about our kids that prompt such great emotion – from elation to depression? Certainly, there is no greater joy than to see our children flourish and no greater agony than to see them wander from our values and our beliefs. Irony: neglecting the “soft” side The greatest irony in family estate planning: spending countless hours on the “hard” side of assets while giving lip service to the “soft” side of people development. The tendency in estate planning is to prepare legal documents that transfer financial wealth without preparing our children for true legacy. What does preparing our children for true legacy mean? Preparing children for true legacy Life is often a blur in the child-raising years. In the same timeframe that we are raising kids, we are building our careers. And frankly, some of us tend to do a better job of building financial wealth than “family wealth.” Much of what our children learn is left to chance: whatever they observe along the way. When things finally settle down a bit, the children are graduated, off to college, or even absorbed with starting their own careers and families. What is family wealth? In his book, Family Wealth, James Hughes discusses the importance of human capital that includes the following outcomes – ideally for all family members: They are thriving They have a strong sense of purpose, passion, and calling They have a strong sense of work ethic and character qualities like integrity, honesty, and compassion They have interpersonal relationships both within the family and externally They understand that life does not revolve around them but that instead they are part of a greater whole, a greater cause They have spiritual grounding They are generous. These are big ideas, which go way beyond transferring financial capital. They go to transferring intellectual capital, social capital, emotional capital, and spiritual capital as well. Good relationships require intentionality It’s time spent with children with intentionality – making sure they understand our story and that we understand theirs. It is time spent repairing relational damage that is unintentional but inevitable. It is making sure they are healthy, thriving, and feeling fulfilled. Giving together creates unity One of the best tools I’ve found to bring families together is giving together. Structurally, that may take the form of creating a foundation or a donor advised fund. But practically, it simply means doing some giving together. Giving is the great equalizer. Suffice it to say that giving prompts conversations that everyone can participate in regardless of age or experience. Investing in legacy So what do you want when you think about your heirs – great joy or great agony? It will take great effort to achieve the former. It must go beyond estate documents. Estate documents are a part, but they really should be guided with the influence of all forms of capital – […]
/ Center for Family Conversations, Communication, Estate Planning, Estate Planning - USA, Family Business, Family Business Dynamics, Family Business Governance, Family Meetings, Family Values, Governance, Importance of Language, Stewardship, True Wealth, Values, Wisdom
The Family Compass by Jerry Nuerge Families often lack a compass for navigating through potential distractions. Most high net worth people believe that if they have signed all their trust documents and wills, they have taken care of their future. After all, their attorneys and CPAs have assured them that the maximum amount of financial assets will be transferred to their spouse and then to their children with as little loss to the tax man as possible. Unfortunately, research shows that only ten percent of financial assets make it to the fourth generation. A family’s values are just as important as those of a corporation, but they receive far less attention. I have found it more beneficial to families to focus on three often ignored components that have the potential to extend a legacy indefinitely: 1) What are your values? 2) What virtues will we pursue? 3) What do we want our family story to be? Collectively, these are family brand equity, the core of a family’s culture. The values define the family, the virtues build the family, and the story describes the family. VALUES Rather than elevate whatever human values are currently in vogue in our culture, we identify our family’s values based on the evidence of our calendar and pocketbook. VIRTUES Virtues are frequently underestimated in importance. Aristotle argued that substantial happiness and human flourishing could be grasped only through the virtues. King Solomon stated it this way: “My son, do not forget my teaching, but keep my commands in your heart, for they will prolong your life many years and bring you peace and prosperity. Let love and faithfulness never leave you.” (Proverbs 3:1-3) The battle of morality is not so much about knowing what is right as it is doing what is right. STORY The family story is a crucial component. Think of the family story as an ongoing stream of past, present, and future stories of family members woven together. These stories, infused with the family’s values and virtues, provide a sense of identity as well as motivation to not be the generation that weakens the heritage. Imagine the priceless joy when family brand equity is the focal point of our transfers to the next generation! These assets empower families to live intentionally productive lives for multiple generations. To learn more about the Center for Family Conversations and the new book, Unheritage, click here. WHY YOU SHOULD LISTEN TO JERRY? Jerry Nuerge is founder and owner of the Financial Independence Group. He is also the creator of the Wealth Integration and Transfer System™, the Generation Connection Process™, as well as the Revenue Retrieval System™. Jerry holds a BBA and MBA degree, holds the Chartered Advisor in Philanthropy (CAP), is a Chartered Life Underwriter (CLU), a Chartered Financial Consultant (ChFC), a Certified Family Wealth Counselor (CFWC), and a Registered Investment Advisor (RIA). He […]
Enzo Calamo Is A Best Selling Author
Enzo Calamo is the Best Selling co-author of "How To Create Infinite Returns In Real Estate Using The Secret Asset: How To Recover All Business and Personal Expenses Using The Secret Asset" This is a must read for every affluent investor.
FAMILY OFFICE OF THE YEAR
Lugen Family Office was recognized as the Family Office of The Year in 2016 in Canada by Wealth and Finance International Magazine
Enzo Calamo Is A Gold Award Curator
Scoop.it describes Enzo Calamo "as a rock star of content curation."
Lugen Family Office is the Most Trusted Online Curator on Legacy Planning, Wealth Management, Financial Literacy, Family Business, Philanthropy, Technology Trends, Healthy Living, and the UHNW.
ALL POSTS ARE CURATED BY ACTUAL EXPERTS!
Check out our 11 Gold Award UHNW Newswires.
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Lugen Family Office Proudly Supports AIP
The International Association of Advisors in Philanthropy is the leading charitable giving organization in the world for inspiring collaboration among professionals.
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