Call today for further information866-605-8885
 

Subscribe to LFO' s Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

 

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

unHeritage

“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

To learn more, click here

 

Center for Family Conversations

home-1b

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.

To learn more, click here....

 

THE TYCOON PLAYBOOK – How Business Empires Are Built

tumblr_m9i9slrFnP1qj1u29

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.

To learn more, click here

 

CNN Financial News

Zuckerberg 'miscarriage' story prompts outpouring of emotions"It's a lonely experience," Mark Zuckerberg says, writing about his wife Priscilla Ch [...]

Uber is the most valuable startup in the worldUber is now the most valuable startup in the world. [...]

Exxon and Chevron profits are down over 50%Drilling for oil used to be one of the most profitable businesses in the world. Not anymore. [...]

How to make Chrome your default Windows 10 browserRead full story for latest details. [...]

Tom Cruise's impossible mission: $100 million openingRead full story for latest details. [...]

Facebook founder Mark Zuckerberg and his wife are expecting a babyRead full story for latest details. [...]

Colorado pot bank sues the FedA Colorado bank has sued the Federal Reserve for not giving it permission to provide financial servi [...]

 

CNN Small Business News

New York minimum wage increase: Who really paysFast-food chains that operate in more than 30 locations nationwide are the sole target of a new rule [...]

Lion killer's dental practice target of outrageRead full story for latest details. [...]

Franchises affected by New York's new $15 minimum wageMcDonald's. Dunkin' Donuts. Burgerfi. Zoup! A new minimum wage requirement targeting the f [...]

How stoned are you? This app has the answerRead full story for latest details. [...]

NASA's robot R2 needs your helpRead full story for latest details. [...]

Watch the pot ad that got yanked off TVRead full story for latest details. [...]

Iconic bar Hogs & Heifers closing its doorsNew York bar is the latest victim to city's skyrocketing rent. [...]

 

CNN Money News

Millennials have jobs, but still live with mom and dadRead full story for latest details. [...]

Is it OK to quit your job without another in hand?Read full story for latest details. [...]

Toshiba's interim CEO to take 90% pay cutToshiba's interim chief executive Masashi Muromachi will take a 90% pay cut for the next two mo [...]

A smarter investing strategy for retirementDon't try to guess when stocks will crash. Instead, create a mix of stocks and bonds that suits [...]

It takes 16 months to pay off credit card balance in this cityThree Texas cities -- San Antonio, Dallas and Houston -- are among the top five in the country where [...]

Disneyland Paris under investigation over wonky pricingRead full story for latest details. [...]

 

Fortune Magazine

RSS Error: A feed could not be found at http://rss.cnn.com/rss/magazines_fortune.rss. A feed with an invalid mime type may fall victim to this error, or SimplePie was unable to auto-discover it.. Use force_feed() if you are certain this URL is a real feed.

 

Reuters Business News

LAHAINA, Hawaii (Reuters) - Pacific Rim trade ministers failed to clinch a deal on Friday to free up [...]

(Reuters) - Puerto Rico will miss a payment on debt due Aug. 1, the governor's chief of staff s [...]

(Reuters) - Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp on Frida [...]

(Reuters) - Wall Street ended on a sour note on Friday as a drop in energy stocks eclipsed wage data [...]

(Reuters) - Goldman Sachs Group Inc has tentatively agreed to pay about $270 million to settle a law [...]

(Reuters) - Yahoo Inc said on Friday it agreed to buy fashion start-up Polyvore to help drive traffi [...]

LAHAINA, Hawaii (Reuters) - Talks on a Pacific Rim free-trade pact faced a fast-approaching deadline [...]

 

Reuters Economy News

CARACAS (Reuters) - Venezuela confirmed on Tuesday it had entered a recession while inflation remain [...]

WASHINGTON (Reuters) - The Obama administration on Tuesday bowed to months of growing pressure over [...]

NEW YORK (Reuters) - Investors backed away from global equity markets on Tuesday, with light volume [...]

NEW YORK (Reuters) - U.S. stocks fell on Tuesday as investors engaged in profit-taking to pull major [...]

NEW YORK (Reuters) - Crude futures closed up slightly Tuesday, getting some relief from a weak dolla [...]

NEW YORK (Reuters) - The U.S. dollar hit a 1-1/2-week low against the safe-haven yen on Tuesday afte [...]

BUENOS AIRES (Reuters) - Crunch time for Argentina fixing its debt default will almost certainly not [...]

 
 

Post Tagged with: "Estate planning"

 
  • Understanding and Valuing Perspective by Tom Conway

    Understanding and Valuing Perspective by Tom Conway

      How does estate planning disconnect couples? Certainly there may be many issues where a husband and wife are on the same page. They may be happy with their marriage, with their current lifestyle, with the common friends they have, but when it comes to making an important decision within estate planning, they are not in alignment. Let’s look at some of the possible reasons for misalignment.   Different Assumptions related to Upbringing   Different family backgrounds influence the way people see life. Those who grow up in wealth are likely to see an expensive lifestyle as normal. Naturally, they would expect the same for their children. Many beliefs and attitudes grow out of early life experience.   Differing Values   Your values are the things that you believe are important in the way you live and work. They play a significant part in the the way you view life, generally determining your priorities. Whether you recognize them or not, they are there, and they are the measures you use to tell if your life is turning out the way you want it to.   Although it is challenging to examine how your emotions intersect with your thinking, this level of self-awareness is necessary to identify the values that motivate you. Once you recognize and acknowledge your values, you can make plans and decisions that honour them. Understanding each other’s values can easily help a couple come to agreement on decisions.   Differing Perspectives   Our perspective – the viewpoint we bring to any consideration – influences our perceptions. You have probably heard the expression, “Perception is reality.” We are satisfied that the way we see it is the way it is, and we are unwilling to entertain the thought that our view is distorted or incomplete.    Lack of understanding leads to loss of communication   When spouses don’t agree on certain topics, they often avoid the subject. This false peace can lead to devastating consequences in the future.   Pride   All of us deal with an internal nature that wants our own way.  We often feel that our way is the best and that if everyone would just do as we say, or believe as we believe, the world would be a much better place. This pride can cause us to become defensive when we are challenged. It can also lead to a closed mind.   The opposite of pride is humility. To be humble means to be willing to listen to thoughts and opinions of others with an open mind. It means being willing to submit your own ideas to the scrutiny of others. So many conflicts in life can be resolved if two people approach the issue with a listening ear and an attitude of humility.   So how can a couple resolve the issue of goal incongruity? Often they cannot do this alone. Their differences often bring on heated discussions that lead to anger, hurt feelings, shutting down by one spouse, and pain. An impartial […]

     
  •  
  • The New EBITDA: Emotions Before Interest Taxes and Depreciation

    The New EBITDA: Emotions Before Interest Taxes and Depreciation

    The New EBITDA: Emotions Before Interest Taxes and Depreciation by Tom Deans, Ph.D.     Sitting in the departure lounge at LAX, I couldn’t help but overhear a conversation between an investment banker and his younger associate. I learned two things. First (and most business travelers can relate), it is amazing how cavalier people are about discussing confidential details in public places. The second confirmed something I had been thinking about family businesses for some time.   The older of the two bankers was whining about how he thought the slam-dunk deal they had just presented was now probably never going to happen. On and on he grumbled about the time he had spent running the numbers, lining up partners and generally bringing the deal to a crescendo, only to have the business owner change his mind about selling.   The investment banker was completely perplexed about why the offer, the numbers, the multiples that looked so good weren’t enough to entice the owner to do the deal of a lifetime.   It took everything I had to stop myself from leaping into the conversation and selling him a copy of Every Family’s Business (it wouldn’t have been the first time). But I exercised extraordinary restraint and settled back and listened to him talk about the clever structure of the deal, the tax that could have been saved and the instant wealth the owner would have secured if only he had been smart enough to take the deal.   Emotions are Squishy – Not the Stuff of Deal-Makers in Suits   The funny thing about listening in on a conversation is that the longer you listen the harder it is enter the conversation. So I bit my tongue and instead simply wondered how many other business brokers, M&A professionals and investment bankers expend such effort trying to bring deals to fruition only to have sellers back out. I wondered how an entire industry of intermediaries could so badly underestimate the emotional connection that owners have to their businesses, and also fail to understand how these emotions can scupper so much good work and extraordinary planning and lead the owner to ultimately destroy the business’s value.   When really bright finance experts hear the word “emotions” you can so often see their eyes roll back and the calculators shut off. Yet students of the greatest financiers of all time – deal-makers like Warren Buffett – know that these people get deals done by running the numbers and then engaging business owners in the one corner of their life where most number crunchers don’t go – their family. It is the rare rainmaker who has both the left and right brain firing on all cylinders.   Warren Buffett Buffett and other great deal-makers know that the sale of a business will typically result in a “liquidity event” that will leave owners with more wealth than they feel comfortable consuming. Most business owners accumulate wealth precisely by denying themselves consumption. Sellers will often kill deals, blaming a low bid price, […]

     
  •  
  • Why Do Family Business Owners Often Die at their Desk? by Tom Deans, Ph.D.

    Why Do Family Business Owners Often Die at their Desk? by Tom Deans, Ph.D.

    Why Do Family Business Owners Often Die at their Desk? by Tom Deans, Ph.D.   I was speaking to a friend who owns a successful manufacturing business and asked him when he plans to sell his business”. His response echoed something that I’m hearing more and more from business owners in my audience. “I can’t afford to sell – if I sell and take the proceeds and invest in this market, I couldn’t replace half my current salary”.   Of course the danger with this logic is that if unforeseen risk visits the business and it fails, my friend will neither have his salary nor the equity that he’s accumulated in the business over the past 20 years.   Misaligned financial interests of family members   But here’s the real problem. My friend, like so many, has other shareholders, namely other family shareholders who aren’t working in the business who want the sale proceeds now! His family dinners can best be described as a food fight waiting to happen. What to do?   What we do know is that doing nothing is a plan. Do nothing long enough and we know that a business owner will die at his desk. But where does the stock in the company go? Will it go to his or hers estate, to minority shareholders?   What usually unfolds is chaos especially when family is often left out of the planning loop. Financial advisors are doing a much better job these days of getting business owners to play the “what if” game. In fact there is a brand new breed of advisor brandishing a tough to acquire professional designation known as the Certified Business Exit Consultant — CBEC. I delivered a keynote to a recent convention of CBECs in Boston and they’re a rather impressive group of professionals committed to exit planning excellence.   The best advisors never stop reminding clients about the risks of business ownership   Asset allocation has forever been the first principal of sound investing. As investors near retirement, advisors constantly rebalance portfolios away from equity to income. The business owner who allows their high salary to cloud their thinking about the dangers to their equity in their business don’t need to travel Las Vegas to gamble – they’re already there!! Extraordinary advisors will keep this risk in focus for their business owner clients and work on divestiture strategies and timelines that meet the financial needs of both business owners today, their retirement tomorrow and the needs of surviving family.   Savvy advisors remind business owners that the sale process seldom unfolds quickly and even after the sale of a business, the new owners may either insist or welcome the seller to continue working and drawing a salary. It took our family 5 years to find the right buyer for our business and another 4 years to receive the full sale proceeds – that’s almost a decade from start to finish. Business owners in their 50’s, 60’s and 70’s often completely […]

     
  •  
  • Changing Conversations About Estate Planning

    Changing Conversations About Estate Planning   Changing estate planning conversations to focus on your values and goals can help establish what matters most to you and what you would like your legacy to be. 

     
  •  
  • Introducing the concept of a Collaborative Will by Tom Deans

    Introducing the concept of a Collaborative Will by Tom Deans

    Introducing the concept of a Collaborative Will by Tom Deans At a farm convention in Chicago, I was approached by an audience member who explained that gifting a working farm to her children was preferable to selling and leaving them each $5 million. When I pressed her for more details – such as – “what do your children think of your plan?” She snapped her head back and proclaimed, “why would I tell them?”   I have to confess it wasn’t the first time that I had heard someone say that silence was going to be the key ingredient of their estate plan. It got me thinking how many beneficiaries – children especially — truly know the contents of their parent’s wills?   When I put the question to my audiences, “how many people hold a copy of their parents’ wills?” Only 10% on average acknowledge they do. The more interesting question is: “how many in the audience will play a lead or significant role in providing care for an aging parent?” The response — an average of 75% — agreed they would. I find the disparity between these two pieces of data, striking.   The relationship between inheriting money and the provision of health care is an issue moving into the media and cultural spotlight for two major reasons – we’re living longer (a lot longer) and the cost of health care and assisted living are rising faster than inflation and saving rates.   For some who live much longer than the average age of 76 for men and 81 for woman, many will turn to family for financial support and care when their savings are fully depleted – the same family from whom secrets were kept when a surplus seemed assured.   Why do so many people keep secrets from those who will likely be providing them with late in life care? How do secrets serve beneficiaries or add to relationships before we become old and dependant? Talk to enough estate planning professionals and they’ll tell you it almost always comes down to a lack of trust and a debilitating fear of death.   For those who view their money as an absolute source of power and control you can see how the aging process and the concomitant relinquishing of power and control makes dying and death such a wretched, fearful experience. Compare that to individuals who seriously prepare family, friends and charitable organizations to receive not just their wealth but their wisdom and you’ll find some extraordinary relationships built purposefully over a lifetime – even when years outstrip savings.   Sharing the contents of a will requires judgment – some might call it wisdom nurtured over time. A wisdom both taught and harvested through conversations with intended beneficiaries not in the last year of life, when death seems imminent, but precisely the opposite, when death is a distant abstraction.   A will doesn’t need to be seen as a solo “end of life document” but rather a […]

     
  •  
  • Succession Planning for a Family Business

    “Succession Planning for a Family Business” Part 1 of 3 Michael Gray interviews attorney John Hopkins for Financial Insider Weekly about how to determine which child gets what proportion of your family business and some unique issues that come up when planning for the future of your family business. Part 1 of 3. Part 2 of 3 Part 3 of 3  

     
  •  
  • Life Insurance and Estate Planning

    Life Insurance and Estate Planning  

     
  •  
  • Salo Grabinsky on “Incapacity Planning: Preparing for the Possibility of Owner Dementia”

    Salo Grabinsky on “Incapacity Planning: Preparing for the Possibility of Owner Dementia” When alzheimer’s disease or related illnesses affect the owner of a family business, the individual, their family, their business, and their estate planning are all powerfully impacted. In this video, Salo Grabinsky describes the impact of these illnesses, and encourages families-in-business and their professional advisors to take specific steps to prepare for this potential challenge.  

     
  •  
  • Estate Planning 2013: Now What? A Must Read For Everyone by STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)

     
  • The transfer of family wealth to the next generation: What’s the money for?

     
  • Family Office Expert Reveals Three Imperative Principles of Business Succession Planning

     
  • Today’s Wealth Holder and Tomorrow’s Giving: The New Dynamics of Wealth and Philanthropy by Paul G. Schervish

     
  • Capacity for Care: Today, Yesterday, and Tomorrow by John J. Havens and Paul G. Schervish

     
  • What do family businesses need to do to continue to be successful?

     
  • Some Core Principles for Building a Legacy

     
  • What is a Family Office?

     
 
 
 

Subscribe to LFO' s Blog via email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

 

Family Office Newswire

Gold Award

The #1 Family Office Newswire That Empowers Family Dynasties. Over 11,100 Complimentary Posts and growing rapidly with relevant topics!

Learn from Billionaires How To Handle Your Family Wealth.

ENZO CALAMO IS A GOLD AWARD NEWS CURATOR ON BUSINESS

"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

Read the latest news

 

one

Lugen Family Office is the Most Trusted Online Curator on Legacy Planning, Wealth Management, Financial Literacy, Family Business, Philanthropy, and the UHNW.

ALL POSTS ARE CURATED BY ACTUAL EXPERTS!

Check out over 32,500 Complimentary Posts from Enzo Calamo

 

UHNW Finance and Wealth Management Newswire

Gold Award

The #1 UHNW Wealth Newswire For Living Your Dreams. Over 8,400 Complimentary Posts on important topics that show you the Secrets of Accumulating and Preserving Wealth!

ENZO CALAMO IS A GOLD AWARD NEWS CURATOR ON FINANCE AND WEALTH MANAGEMENT

"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

Read the latest news

 

Follow Enzo on LinkedIn

LinkedIn-Logo-150x150

Top 1% of LinkedIn Connectors in the World

 

Philanthropy Newswire

Gold Award

The #1 Philanthropist Newswire For Leaving A Legacy From The Heart. Check out the latest trends in philanthropy today with over 1,500 Complimentary posts. Learn what some of the greatest philanthropists in history believe about gratitude and giving!

ENZO CALAMO IS A GOLD AWARD NEWS CURATOR ON PHILANTHROPY

"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

Read the latest news

 

Family Business Newswire

Family-business

The #1 Family Business Newswire That Helps You Move From Success to Significance. Over 5,400 Complimentary Posts On Key Factors To Build A Profitable and Sustainable Business!

Read the latest news

 

UHNW Real Estate Newswire

Gold Award

The #1 UHNW Real Estate Newswire for Luxury Homes and Commercial Real Estate. Check out the latest trends in real estate today with over 3,100 Complimentary posts.

ENZO CALAMO IS A GOLD AWARD NEWS CURATOR ON LUXURY AND COMMERCIAL REAL ESTATE

"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

Read the latest news

 

Lugen Family Office Proudly Supports AIP

AIP Logo

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

To learn more about AIP, click here

 

Twitter Widget

 

Celebrity Net Worth

Seattle Seahawks had to be getting worried as Russell Wilson's contract deadline drew near, but [...]

For hockey fans there is no moment that personifies the greatness of the game and the ability of it [...]

Today's Amazing Car Of The Day is the Aventador, the $400 thousand flagship model for Ferrari.R [...]

Heath Herring net worth: Heath Herring is an American former professional mixed martial artist who h [...]

Chris Johnson net worth: Chris Johnson is an American professional baseball player who has a net wor [...]

LaRon Landry net worth: LaRon Landry is an American professional football player who has a net worth [...]

Matt Forte net worth: Matt Forte is an American professional football player who has a net worth of [...]

Devon Still net worth: Devon Still is an American professional football player who has a net worth o [...]

Walter Ray Williams, Jr. net worth: Walter Ray Williams, Jr. is an American professional bowler who [...]

Joe Morgan net worth: Joe Morgan is an American former professional baseball player who has a net wo [...]

 

Reuters Wealth News

BOSTON (Reuters) - Hedge fund mogul David Einhorn's Greenlight Capital slumped 6.1 percent in J [...]

BOSTON (Reuters) - Billionaire hedge fund manager John Paulson, one of the world's most influen [...]

(Reuters) - State public pension funds love buying shares in local companies, but it is not so much [...]

(Reuters) - The founders of Vermillion Asset Management have left the firm after an exodus of invest [...]

NEW YORK (Reuters) - Investors worldwide pulled $1.2 billion out of precious metals funds in the wee [...]

(Reuters) - Many wealthy people struggle to talk to their children about how much money they have. W [...]

(Reuters) - U.S. fund managers raised bond exposure in their model global portfolios and cut their r [...]

LONDON (Reuters) - U.S. equities' share in global portfolios fell to the lowest in at least fiv [...]

NEW YORK (Reuters) - Risk aversion was on display this week as investors pulled billions of dollars [...]

(Reuters) - Two southern Californians were criminally charged over their alleged roles in a conspira [...]

 

MarketWatch Personal Finance

Driving a smaller car isn't always better when it comes to saving on gas. Here's a look at [...]

How to keep your luggage safe while flying, and how vulnerable the stock exchanges are to hackers. [...]

Pinterest, one of the first Silicon Valley startups to begin exposing the tech industry’s depressing [...]

The rate of mishandled bags is rising. Here’s how to hold on to yours. [...]

Many people may have heard about a rule-of-thumb for retirement income called the 4% rule. [...]

First Trust Advisors has filed for Securities and Exchange Commission authorization to offer a curre [...]

We receive many questions about divorce and Social Security. Below is a primer on the subject from t [...]

 
 
 
Translate »