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unHeritage – 11 Pitfalls to Family Legacy and How to Avoid Them

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“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

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Center for Family Conversations

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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.

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THE TYCOON PLAYBOOK – How Business Empires Are Built

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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.

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CNN Financial News

Sony doesn't know how but says 'The Interview' will be shownRead full story for latest details. [...]

Another blackout for Dish customers, this time Fox NewsFor the third time in a month, Dish Network customers are missing out on popular programming due to [...]

Is the oil scare over for the stock market?Read full story for latest details. [...]

Republicans to theaters: Don't be 'bullied,' show Sony's 'The Interview'The Republican National Committee has a message for theater owners: Put "The Interview" ba [...]

A defiant Sony scrambles to find a way out for 'The Interview'Read full story for latest details. [...]

Last-minute Christmas shopping guideStill haven't ordered those stocking stuffers? You've got to hurry, or your gift won' [...]

How has middle class Christmas changed?Read full story for latest details. [...]

 

CNN Small Business News

Unilever lays an egg: Drops Just Mayo lawsuitUnilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Be [...]

Alternative lenders are hot -- especially among millennialsRead full story for latest details. [...]

Reddit cofounder: The next Google is one visa away from leaving U.S.Read full story for latest details. [...]

The heart of the Internet has been hackedICANN, the all-powerful but little-known organization that administers global website domain names, [...]

Oprah-approved startup raises $6.25 millionNews startup The Skimm announced a new round of funding, 1 million active readers, and plans to expa [...]

Cow farmers get high-tech tracking appBrazilian startup BovControl is turning cows into data with a mobile app. [...]

Google Ventures: less Ubers, more health careThe venture capital investment arm of the tech giant has quadrupled its funding of life sciences and [...]

 

CNN Money News

Top 1%: What they made, what they paidRead full story for latest details. [...]

Living your dream retirement? Tell us about itAre you living your dream retirement? If so, we want to hear how you were able to get there -- wheth [...]

Last-minute Christmas shopping guideStill haven't ordered those stocking stuffers? You still have time, but not much. Here's t [...]

Payday lenders throw millions at powerful politicians to get their wayPayday lenders are spending millions of dollars in Washington in an attempt to get powerful politici [...]

Mortgage rates hit a new low for the yearAmid falling gas prices and investor nervousness, the average rate for a 30-year fixed-rate loan fel [...]

Alternative lenders are hot -- especially among millennialsRead full story for latest details. [...]

The 2014 tax breaks you'll be able to takeCongress waited until the last minute to decide what to do with a slew of expired tax breaks. They e [...]

 

Fortune Magazine

Will Mmmhops be a hit?Hanson is attempting to chart with a new microbrew. [...]

NBA confirms L.A. Clippers sale to ex-Microsoft CEO Steve BallmerDonald Sterling sues the NBA for damages and demands to be reinstated as owner. [...]

FBI and SEC probe into Carl Icahn and golfer Phil MickelsonAuthorities are looking into the potenial insider trading. [...]

Google launches "right to be forgotten" service in EuropeNow European citizens can request to have search results removed. [...]

Zuckerberg's latest donation reawakens concerns over mixed results in NewarkFacebook founder and his wife donate $120 million to Bay Area schools, claim to have learned from pr [...]

Five crazy things Steve Ballmer has doneIn light of Ballmer placing the highest bid on an NBA team in history on Thursday, here are some of [...]

Four ways Apple could have the "best" product pipeline everFrom the obvious upgrades to the bold and daring. [...]

 

Reuters Business News

WASHINGTON (Reuters) - U.S. President Barack Obama moved to prevent U.S. anger at North Korea from s [...]

VIENNA (Reuters) - Italian lender Monte dei Paschi di Siena expects to complete its planned capital [...]

WASHINGTON (Reuters) - Satellite TV provider DISH Network Corp and Comcast Corp's SportsNet hav [...]

SEOUL/WASHINGTON (Reuters) - North Korea said on Saturday U.S. accusations that it was involved in a [...]

CHICAGO/NEW YORK (Reuters) - Shoppers filled up malls and department stores on the last weekend befo [...]

BRUSSELS (Reuters) - The European Central Bank should start buying government bonds to tackle poor i [...]

SEATTLE (Reuters) - Workers at planemaker Boeing's Everett plant near Seattle are following ext [...]

 

Reuters Economy News

ABU DHABI (Reuters) - Saudi Arabia said on Sunday it would not cut output to prop up oil markets eve [...]

GENK, Belgium (Reuters) - In the heart of western Europe, the Belgian-Dutch-German rust belt has bee [...]

LONDON (Reuters) - When Metro Bank prepared to launch in 2010 as the first new bank to appear on Bri [...]

DUBAI (Reuters) - Iraq's oil minister said on Sunday he saw no need for an emergency meeting of [...]

BEIJING (Reuters) - China's trade minister proposed more use of China's currency in settli [...]

 

Reuters Business Video

President Barack Obama, in a CNN interview, says he does not consider the cyber attack on Sony which [...]

Stocks modestly extend gains post a massive two-day rally. Leah Duncan reports. [...]

Comments from Federal Reserve chair Janet Yellen spurred a Santa Claus rally this week, analysts see [...]

John Manley, chief equity strategist at Wells Fargo Advantage Funds sees the Dow hitting the 18,000 [...]

U.S. President Barack Obama says it was a “mistake” for Sony Pictures to cancel the release of its m [...]

President Obama says Americans can enter the new year with 'renewed confidence' in a stron [...]

George Soros’ son Alexander discusses the influence of his father and how he selected causes to supp [...]

 
 

Family Business Dynamics

 
  • Asset Transparency in Families of Wealth & Family Business – David Berek

    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  

     
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  • The Idea of Family Wealth

    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.

     
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  • Preparing Heirs by Bill High

    Preparing Heirs by Bill High

    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 – […]

     
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  • The Family Compass by Jerry Nuerge

    The Family Compass by Jerry Nuerge

    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 […]

     
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  • Building a Family Business that Lasts

    Building a Family Business that Lasts   Dr. Joseph H. Astrachan, Executive Director of the Cox Family Enterprise Center at Kennesaw State University, speaks on on the topic of Building a Family Business That Lasts and provides viewers with four key points to walk away with. 

     
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  • A Family Wired For Perpetual Dependence by Tom Deans

    A Family Wired For Perpetual Dependence by Tom Deans

    A Family Wired For Perpetual Dependence by Tom Deans, Ph.D.     When the sale of a family business is all about a founder becoming wealthy and their children losing their jobs, you can see why so few ever put themselves in play and sell.   The CEO – the Chief Emotional Officer (Mom, and increasingly Dad) – just can’t stand to see the family pull itself apart. Killing the business with love has always felt like a better plan.   With a wave of aging business owners trying to figure out how they’ll fund their retirement, you can understand the temptation to simply throttle back on their day-to-day involvement and draw a salary while Junior runs the business until the final curtain falls.   Of course, as I’ve discussed in previous articles, with owners living longer, it’s improbable that Junior is going to hang around the business into his or her 70s, when Mom and Dad finally reach their 90s and hand over the reins of control – not operating control, I mean real control, control of the voting stock transferred when the last parent dies.   How About an Exit Where Everyone Makes Money?   But what if an advisor could frame the exit of the controlling shareholder as the day when all family members become wealthy? Far too often, death is the triggering event for the transfer of stock. Few children are offered an opportunity to risk their capital to buy the stock of their parents’ business at an early age. I recommend that when a child is 14, the parents and advisors begin the process of implanting the idea that the family business will be bought, not gifted, and that employment is different from ownership.   For a variety of reasons, the majority of parents signal that there’s no real or pressing need to recycle dollars in the family: “Hang around long enough, Junior, and all this will be yours – for free.”   Of course we know that nothing is ever really free and that while the ownership question is left hanging, there are as many underpaid children working in family businesses, as there are overpaid children. My experience on the speaking circuit is that few overpaid children ever risk their capital to buy out their parents. Why derail the gravy train? Parents who use their business to purchase and control family harmony do more harm than good and always pay the greatest price of all – a family wired for perpetual dependence.   Family Business Math   The dysfunction around the issue of compensation percolates and festers because the stakes have always been high. When Junior complains about low wages, some parents simply say, “If you don’t like what you’re paid, leave.” Emotionally and financially, it’s never been easy for a child to quit a parent’s business.   Child Quitting Over Compensation + Aging Business Owner = Less Inheritance For Junior.  You can see how family business math becomes really interesting when only one child working in […]

     
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  • Dr. Phil: The Darkness of Riches: From Victims to Victors

    Dr. Phil: The Darkness of Riches: From Victims to Victors      

     
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  • Family vs. Business by Family Wealth Coach

    Family vs. Business by Family Wealth Coach

    Family vs. Business by Family Wealth Coach     As a business owner, you take on a unique challenge. Every day you are faced with both business and family decisions. And family business owners deal with this even more.   Sometimes people feel that those two aspects of their lives are really at odds with each other. They absolutely can be—but they don’t have to be if you manage both of them carefully.   Think about your family and business in terms of a pendulum, or a teeter-totter. Your family is on one side, and your business on the other. Every decision you make will have both business and family implications. For example, promoting one of your children as CEO, or even deciding when your children will engage with the business as either employees or shareholders, will have an effect at home and at work.   Sometimes you will have to prioritize business over family, or family over business. Again, think of the teeter-totter, when you make a decision for one side, the other side will also be impacted.   The key take away here is that Estate plans have to consider both – who gets voting control, who will manage the business, how will you look after your family? Balancing a teeter-totter (or a family and a business) is not easy when both sides are so intricately linked to each other.   The name “teeter-totter” may suggest otherwise, but finding the equilibrium is always possible with some careful planning and accurate adjustments. The same is true for your family and your business.

     
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Family Office Newswire

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The #1 Family Office Newswire That Empowers Family Dynasties. Over 6,500 Posts and growing rapidly with relevant topics!

Learn from Billionaires How To Handle Your Family Wealth.

ENZO CALAMO IS A GOLD AWARD CURATOR ON BUSINESS FOR SCOOP.IT!

"You're a giant among curators and your work is world-class awesome. Thanks for being an incredible role model to the curator community!" Scoop.it

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UHNW Wealth Newswire

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The #1 UHNW Wealth Newswire For Living Your Dreams. Over 3,500 Posts on important topics that show you the Secrets of Accumulating and Preserving Wealth!

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Family Business Newswire

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The #1 Family Business Newswire That Helps You Move From Success to Significance. Over 3,300 Posts On Key Factors To Build A Profitable and Sustainable Business!

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Philanthropy Newswire

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The #1 Philanthropist Newswire For Leaving A Legacy From The Heart. Check out the latest trends in philanthropy today with over 1,100 posts. Also. learn why some of the greatest philanthropists in history believe in gratitude and giving!

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Lugen Family Office Proudly Supports AIP

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The International Association of Advisors in Philanthropy is the leading charitable giving organization in the world for inspiring collaboration among professionals.

Enzo Calamo,
AIP Ambassador, Past President

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Reuters Wealth News

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MarketWatch Personal Finance

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