Call today for further information866-605-8885
 

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

Join 6 other subscribers

 

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

Nickelodeon to launch direct-to-consumer serviceNickelodeon, the hugely popular kid's cable channel, is starting a subscription service to offe [...]

The growing poverty problem in America's schoolsThe majority of children in America's public schools now are low-income. And that has major imp [...]

Greece: Putin's new ally in Europe?After just days in office, Greece's new government has begun wrestling with Europe, while inchi [...]

Oil giant Shell cuts spending by $15 billionRead full story for latest details. [...]

Ford promises bounce back yearFord Motor reported a sharp drop in profits at the end of last year but predicted better times are a [...]

Why I choose non-monogamyRead full story for latest details. [...]

Close Sesame! Alibaba plunges as sales missRead full story for latest details. [...]

Stocks: 5 things to know before the openRead full story for latest details. [...]

Average 401(k) balance hits record $91,300401(k) balances reached a record high last year, thanks to a soaring stock market and larger contrib [...]

Samsung needs to reinvent itself (again)Another quarter, another set of disappointing results for Samsung. This time, net profit fell 27% fr [...]

Zuckerberg has his Tim Cook momentRead full story for latest details. [...]

African-Americans propel prime time TV hits like 'Empire'For broadcast television, this is the Year of the African-American Viewer. [...]

 

CNN Small Business News

How to skip the pre-blizzard frenzy in storesOn demand delivery startup WunWun is expecting its order volume to double by the time they close up [...]

Hashtag #money. The business of the pound signFirst introduced in 2007 as way of sifting through Twitter's newsfeed, the hashtag has since sp [...]

Hershey lawsuit angers fans of British chocolate in U.S.Hershey has forced an importer to stop selling proper British chocolates in the United States, anger [...]

Blue collar entrepreneursThese five entrepreneurs took their blue collar experience and parlayed it into entrepreneurial vent [...]

Gaza accelerator gets support from Silicon ValleyRead full story for latest details. [...]

Self-service beer taps coming your wayHate waiting for a cold beer refill? Startup PourMyBeer has a solution -- self-service beer walls an [...]

Uncle Si's Iced Tea maker sues Duck CommanderChinook USA blames 'Duck Dynasty' family for its bankruptcy filing. [...]

Forget actors -- L.A. is full of wannabe Zucks2014 was a banner year for Los Angeles' tech ecosystem. Startups raked in over $3 billion in fu [...]

Uber partners with Boston on traffic dataUber announced a first-of-its-kind partnership to provide ride data to the city of Boston. Don' [...]

Indian startup pays $50 million to compete with YelpZomato acquires IAC-owned Urbanspoon, giving it a major foothold in the U.S. and Australian marketpl [...]

People are more likely to open their wallets on this dayKickstarter reveals its 2014 data from a banner year in crowdfunding projects. [...]

Foie gras ban overturned in CaliforniaFederal judge in L.A. sides with foie gras producers. [...]

 

CNN Money News

IRS to tax cheats: Stop hiding your money offshoreThe IRS said it has carried out thousands of audits of offshore schemes and pursued criminal charges [...]

Average 401(k) balance hits record $91,300401(k) balances reached a record high last year, thanks to a soaring stock market and larger contrib [...]

Top-paying jobsOrthopedic surgeons take home a median $410,000 in salary and bonus annually. What other great caree [...]

Millions to owe Obamacare tax penaltyUp to 6 million uninsured Americans will owe an Obamacare penalty. [...]

IRS to tax cheats: Stop hiding your money offshoreThe IRS said it has carried out thousands of audits of offshore schemes and pursued criminal charges [...]

5 questions to ask a financial adviser before hiring oneTo find a financial adviser who's skilled and trustworthy and not an outright charlatan who jus [...]

Best Jobs in AmericaCNNMoney/PayScale's top 100 careers with big growth, great pay and satisfying work. [...]

IRS warns of shady tax preparers stealing refundsRead full story for latest details. [...]

What we really need to be better off financiallyRead full story for latest details. [...]

Home prices grow at slower paceThe Case-Shiller index of home prices in major U.S. cities shows a continued slowdown, raising conce [...]

Boomerang home buyers are coming backMillions of Americans who lost their homes in the recession may become eligible to buy a new home be [...]

ID thieves stealing tax refunds still a big problem, IRS saysIdentity thieves are stealing people's Social Security numbers and other key pieces of personal [...]

 

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. [...]

The all-time most popular stories are...Scoops on movers and shakers, from Marissa Mayer to Mark Zuckerberg to Rupert Murdoch, are the most [...]

Web browsers aren't fun anymoreMozilla updates Firefox, but is it enough to bring old users back? [...]

Valeant injects more cash into bid for Botox-maker AllerganRevised offer worth around $53 billion comes days after drugmaker's last bid. [...]

How to get employees to save for retirementAutomatically enrolling workers into a savings plan and reminding them how much they can lose may ju [...]

Pacing nervously with... Jamin Warren, founder and CEO, Kill ScreenHanging backstage with the videogame arts and culture impresario ahead of his annual two5six confere [...]

 

Reuters Business News

TOKYO (Reuters) - Asian shares edged up on Friday, talking heart from a late earnings-led surge on W [...]

SINGAPORE (Reuters) - Oil prices dipped in early trading on Friday following slight gains in the pre [...]

SAN FRANCISCO (Reuters) - Google Inc's revenue grew 15 percent in the fourth quarter but fell s [...]

SAN FRANCISCO (Reuters) - After years of giving investors the cold shoulder, Amazon.com Inc is start [...]

(Reuters) - Visa Inc , the world's largest credit and debit card company, reported a better-tha [...]

(Reuters) - U.S. vehicle safety regulators want to find whistleblowers with knowledge “of possible d [...]

SAN FRANCISCO (Reuters) - Amazon.com Inc reported stronger than expected earnings on Thursday as Nor [...]

 

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 [...]

 

Reuters Business Video

Amazon results beat forecasts, but Google had a big miss. Stocks moved higher in a late day rally on [...]

Ford earnings beat forecasts, but fell from the prior year as the company transitions its vehicle li [...]

Filmmaker Morgan Spurlock talks to Antony Currie about the business of medical tourism and his stay [...]

 
 

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?

     
 
 
 

one

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

Check out over 20,000 Complimentary Posts from Enzo Calamo

 

Family Office Newswire

Gold Award

The #1 Family Office Newswire That Empowers Family Dynasties. Over 7,200 Complimentary 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

Read the latest news

 

UHNW Wealth Newswire

home-bgMain

The #1 UHNW Wealth Newswire For Living Your Dreams. Over 4,500 Complimentary Posts on important topics that show you the Secrets of Accumulating and Preserving Wealth!

ENZO CALAMO IS A SILVER AWARD CURATOR ON FINANCE FOR SCOOP.IT!

Read the latest news

 

Follow Enzo on LinkedIn

LinkedIn-Logo-150x150

Top 1% of LinkedIn Connectors in the World

 

Family Business Newswire

Family-business

The #1 Family Business Newswire That Helps You Move From Success to Significance. Over 3,500 Complimentary Posts On Key Factors To Build A Profitable and Sustainable Business!

Read the latest news

 

Philanthropy Newswire

o-PHILANTHROPY-facebook

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

Read the latest news

 

UHNW Real Estate Newswire

REALTOR_GuideToCommercialRealEstate_2

The #1 UHNW Real Estate Newswire for Luxury Homes and Commercial Real Estate.

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

 

Recent Blog Posts

 

Twitter Widget

 

Celebrity Net Worth

Brendon Urie net worth: Brendon Urie is an American singer-songwriter and musician who has a net wor [...]

Kinky Friedman net worth: Kinky Friedman is an American country singer, songwriter, novelist, humori [...]

Jerry Reed net worth: Jerry Reed was an American country music singer, songwriter, musician, and act [...]

Skai Jackson net worth: Skai Jackson is an American actress who has a net worth of $500 thousand. Sk [...]

Leslie Small net worth: Leslie Small is an American director and producer who has a net worth of $1 [...]

Tim Love net worth: Tim Love is an American chef and television personality who has a net worth of $ [...]

Jeremy Suarez net worth: Jeremy Suarez is an American actor who has a net worth of $700 thousand. Je [...]

Geraldine Hughes net worth: Geraldine Hughes is a British actress who has a net worth of $500 thousa [...]

John Purcell net worth: John Purcell is an Irish American actor, comedian, and writer who has a net [...]

Glenn Hetrick net worth: Glenn Hetrick is an American special make-up effects artist who has a net w [...]

 

Reuters Wealth News

BOSTON (Reuters) - Hedge fund Pershing Square Capital Management is pressing for seats on animal hea [...]

NEW YORK (Reuters) - The U.S. Treasury Department said on Thursday it will sell $26 billion of three [...]

WASHINGTON (Reuters) - Two U.S. Democratic lawmakers on Thursday asked giant banks including JPMorga [...]

CHICAGO (Reuters) - Stanford University welcomed 25 unusual students onto its campus this month - al [...]

NEW YORK (Reuters) - Bond giant Pimco on Thursday launched two dividend funds designed to invest in [...]

NEW YORK (Reuters) - The U.S. Federal Reserve could wait until September to raise interest rates as [...]

NEW YORK (Reuters) - Bill Gross, the closely watched bond investor, on Thursday said the Federal Res [...]

LONDON/BOSTON (Reuters) - Two executives at hedge fund Fortress Investment Group are leaving the fir [...]

BOSTON (Reuters) - Two executives at hedge fund Fortress Investment Group are leaving the firm after [...]

(Reuters) - Bill Gross of Janus Capital said on CNBC on Wednesday that he thinks the Federal Reserve [...]

 

MarketWatch Personal Finance

Low-volatility equities tend to outperform in the long run, writes Phil van Doorn. [...]

Companies that rely heavily on exports to Europe face disappointing sales and profits, says Phil van [...]

An economic soft patch could turn into more of a pothole, writes Jim Lowell, but he’s still optimist [...]

In the Super Bowl of fund investing, consider the odds before you bet on a mutual fund and its manag [...]

People are reading less than they did in 2008, and McDonald’s gets a new CEO. [...]

Travel experts share 12 secrets about saving money on flights, cruises and hotels, and how to find g [...]

In some U.S. cities, there’s a higher-than-average number of college graduates, leading to higher ea [...]

Not everyone is cheering cheaper gas [...]

 
 
 
Translate »