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Family Wealth - Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Hardcover)
by James E. Hughes Jr.
| Category:
Wealth preserving, Family wealth, Family business, Financial planning |
| Market price: ¥ 378.00
MSL price:
¥ 348.00
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
This book addresses issues of importance to wealthy families such as the need to create and establish mission statements, plan for family governance and how to create a mutually rewarding relationship with trustees and financial advisors. |
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Author: James E. Hughes Jr.
Publisher: Bloomberg Press; Rev and Expanded ed. edition
Pub. in: May, 2004
ISBN: 157660151X
Pages: 240
Measurements: 8.2 x 5.4 x 1.1 inches
Origin of product: USA
Order code: BA01406
Other information: 978-1576601518
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- Awards & Credential -
A highly recommended read on family business and family wealth. |
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- MSL Picks -
Most financial planners are very talented at finding ways to avoid, reduce and defer taxes. The better planners can also do a wonderful job of steering your money towards investments that will have appropriate risk-rewards characteristics for your preferences. Beyond that, some kind planners will also help you talk through the problems of your drug addict son and alcoholic daughter. But no one, in my experience, will help you think you how to nurture your family in all of its dimensions.
Family Wealth breaks through those limitations to suggest that those who head a family should be concerned about all aspects of future generations... especially their human, intellectual and social developments... as well as being sure that the resources will be there to nurture them. Mr. Hughes suggests a time frame of at least 100 years for this perspective. Otherwise, the global fear that the family will arise from one downtrodden existence to fall down into the same existence in only 3 or 4 generations will turn out to be true.
In Family Wealth, Mr. Hughes poses the questions you should be asking about your family and proposes processes to help you turn the answers to those questions into reality.
Beyond that, the book informs those who are donors, trustees, advisors and beneficiaries of financial planning what their roles should be with one another and how those roles can be developed through cooperative effort.
A hundred years is a long time to see how this theory works out, so Mr. Hughes will not live long enough to see if his ideas work over several generations. But he has done his best to draw on well-known examples of families who have prospered for a long time.
(From Don Mitchell, USA)
Target readers:
Finanicial planners, investment bankers, and especially families who have acquired wealth and want their children and future generations to be concerned about their human, intellectual and social development in addition to the growth of their financial resources.
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James E. Hughes Jr. is a sixth-generation counselor-at-law, now retired, and author of many influential articles on family governance and wealth preservation. He is renowned for facilitating multigenerational family meetings with an emphasis on mission statements and governance issues. Hughes speaks frequently at international and domestic symposia on estate and trust planning.
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From Quoting Charles W. Collier
This is the landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations - now revised and expanded. "A masterpiece. No one is more astute than Jay Hughes about the topics of family wealth and family life.
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| The Problem - The history of long-term wealth preservation in families is failure epitomized by the universal cultural proverb, "Shirt sleeves to shirt sleeves in three generations." The Theory: 1) Preservation of long-term family wealth is a question of human behavior. 2) Family wealth preservation is a dynamic process of group activity, or governance, that must be successfully re-energized in each successive family generation to overcome the ever-present threat of entropy. 3) The assets of a family are its individual members. 4a) The wealth of a family consists of the human and intellectual capital of its individual members; 4b) A family's financial capital is a tool to support the growth of the family's human and intellectual capital. 5) To successfully wealth preserve, a family must form a social contract among its individual members reflecting its shared values, and each successive generation as a generation must reaffirm and readopt that social compact. 6) To successfully wealth preserve, a family must agree to create a system of representative governance through which to actively practice its values. Each successive family generation must reaffirm its participation in that system of governance. 7) The mission underlying a system of family governance must be the enhancement of the pursuit of happiness of each individual family member as a part of the enhancement of the family as a whole, for the purpose of achieving long-term preservation of the family's wealth: its human, intellectual, and financial capital. |
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H. Peter Karoff, Founder and Chairman, The Philanthropic Initiative, Inc., USA
<2008-06-29 00:00>
Brilliant case statement for the importance of the nurturing of character, of self-confidence, and of respect forthe value of work. |
Lee Hausner, Ph.D., Author of Children of Paradise: Successful Parenting for Prosperous Families, USA
<2008-06-29 00:00>
Invaluable direction… an essential guide for the creation of legacy families. |
Michael J. A. Smith, Head of Wealth with Responsibility Program, Deutsch Bank, USA
<2008-06-29 00:00>
A must read for those we call patriarchs and matriarchs, their key intermediaries, all trustees and beneficiaries.
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J. Dretler (MSL quote), USA
<2008-06-30 00:00>
"Family Wealth" by James E. Hughes, is a sensitive, detailed blueprint for families who have acquired wealth and want to use it to create a dynastic organization that will preserve their family and its wealth for many generations to come. This book explains in detail the steps necessary for long-term success and guides the reader through the creation of mission statements, plans for family governance, creating a mutually rewarding relationship between trustees and beneficiaries, philanthropy, mentoring, and the establishment of private trust companies. Hughes emphasizes the need for long-term thinking as well as short-term relationship management within the family since decisions made regarding personal and intellectual development will be just as important as financial decisions to the long-term future of the family organization. This book offers an excellent starting point for financial planners as well as estate and trust attorneys who want to address and serve the interests of the wealthy. I recommend it heartily. |
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