What is an estate? If you have possessions, you have an estate. An estate is both “actual” or tangible items as well as those more “emotional” or intangible items. When we talk about wealth, though, we are also talking about more than monetary value. Wealth for a business owning family is comprised of family wealth, financial wealth, human wealth, societal wealth and structural wealth. The family’s wealth can make it possible to continue their legacy. As we grow older we begin to think about what we are going to leave behind – what our ‘legacy’ will be – what we are going to leave our children. We also may think about leaving a legacy of values, of tradition – and we might wonder how our children will ‘steward’ the legacy we leave behind – how they will manage and preserve their tangible and intangible wealth.
We have found in our practice many of the arguments between siblings when their parent’s pass away are not about large sums of money or who gets what car or house, but rather about the items that hold sentimental value such as the picture over the family fire place or their Mother’s wedding ring. No parent intends to cause their children stress or pain, but that can be an unintended consequence of not thinking about what may happen when you are no longer there to mediate for your children.
We encourage families to create a solid sibling relationship to weather the storms when Mom and/or Dad are no longer with them. We also encourage parents to document their wishes for all the “stuff” that will be left behind when they pass away. We will present several essential tools and topics in this section to help you navigate your way through estate planning, including:
Managing and preserving tangible wealth
Tangible wealth accumulation
Using tools like wills, trusts, insurance, and taxes
How to create family relationships that ensure effective stewardship
Have you heard the term estate and wondered exactly what it is? Or how it applies to you? This segment helps lay the foundation of estate planning and how it applies to you as a business owner or a member of a family business.
Have you thought about the wealth you are transitioning to your children? How they might deal with this transfer? This segment explains what wealth means and some attitudes heirs may have in relation to preserving the wealth.
Have you begun your estate planning? Do you even know where to begin? This online quiz is a mix of standard estate planning terms. We cover what is and what may be a common misperception. This quiz is intended to get you thinking about estate planning and your own process.
Family Wealth capital is developed when the family generates respect and trust by regular communication Financial Wealth capital is what the family must do to sustain its monetary wealth often by creating clear and realistic expectations among heirs Spiritual Wealth capital is put into place when a family understands the deeper meaning and purpose of wealth in their lives Structural Wealth capital develops […]