America is experiencing a growing interest in genealogy. There are even TV shows on the subject, and one common theme is that our memory and knowledge of family is fragile. We’re lucky if it extends three generations. Do you know your parents’ cousins’ children? Why is it that family ties so easily come undone? Part [...]
We all leave a legacy that has nothing to do with the assets that comprise our estate. We can have absolutely nothing, no material possessions at the end of our life, and still we have a legacy. That legacy is our story and our values. Those are what we pass on to our children and [...]
We’ve all heard the expression Shirtsleeves to shirtsleeves in three generations—one generation accumulates the money and the next two spend it down to zero or thereabouts. Shirtsleeves-to-shirtsleeves seems to put the blame for dissipating the family wealth on the backs of the children and grandchildren. But is that the only place it belongs? If the [...]
Anyone who’s ever given to charity knows about year-end giving and the pressure that comes along with it. You want to get the right deduction by December 31st. Right now you may be waiting for recommendations from your financial advisor and accountant about what needs to be done to offset potential taxes. Giving cash is quick and [...]
Wealthy families lose their money every day. Statistics show that 70% of the family fortunes created in America are gone in two generations and 90% within three. One of the factors contributing to this dismal record is a misunderstanding of what comprises a legacy. Legacy is more than the sum total of the material assets one [...]