Every parent is in the business of transferring values to their children, whether they’ve thought a lot about it or not. Children pick up on values by observing what’s important to their parents and what’s not. Children also catch values by how their parents choose to spend time together as a family. Many parents also make an intentional effort to …
For many in the philanthropy world, private family foundations are an assumed part of life. But they didn’t always occupy such a key role in American philanthropy, and these foundations will continue to evolve. In an article in the Chronicle of Philanthropy, Virginia Esposito of the National Center for Family Philanthropy noted a number of things she sees going forward …
Philanthropy experts predicted that the Tax Cuts and Jobs Act of 2017 would cause a big drop in charitable giving. The Indiana University Lilly Family School of Philanthropy published a study in May of that year projecting that tax changes would depress giving by some $13.1 billion annually. The particular concern was that many tax return itemizers would decrease their …
Frank will tell you that he never had a strategic plan. He just always did what God put in front of him. The impact of faithfully doing the next thing is far greater than he ever expected. Like most people, he got a job, got married, and had kids. He built a life around family. He came to Christ in …
The U.S. wealth transfer number has gone up. As recently as early fall of 2018, the going number for the Great Wealth Transfer was $59 trillion by 2061. But the projected wealth transfer is now an unprecedented $68 trillion over the next 25 years, according to a Fox Business article that reports on a study by Cerulli Associates in Boston. What …
What do wealthy and even super-wealthy clients look for in an advisor? An institutional brand with a deep bench? Merrill Lynch? BNY Mellon? US Trust? That’s the question posed in a Wealth Advisor article from several months back, and the results point to the importance of empathy and understanding. The article notes that while a small percentage value the institutional …
You never know who you’ll end up sitting next to when you fly. But whether you think about it or not, your neighbor on the plane has a story—a lifetime of stories that has just intersected with your own. Even though I was one of the first to board, I sighed as I caught sight of my seat—a middle one …
Sometimes we hear of those with wealth and it’s hard to imagine them making a mistake. But Simone Foxman of Bloomberg surveyed family office leaders who identified key mistakes wealthy people make (and I’ve added one of my own): Governance Avy Stein of Cresset Capital Management writes that family governance is a key miss. Governance provides direction, structure, education, communication …
She titled it simply: “How to Buy Happiness.” Wait a second, you say, money can’t buy happiness! There’s some truth to that, but what really is the value of money (and the value of time) in seeking lasting happiness? Laura Vanderkam writes on her blog: “Time and money are both scarce resources. They are also resources that can be traded.” …
A recent UBS Investor Watch study notes that a whopping 41% of business owners expect to exit their business within the next 5 years. That business exit looks like the following: 51% expect to sell Only 20% expected to leave the business to family 18% expected to shut it down and 10% were unsure of their exit plans While 65% of …
