The Dilemmas of Family Wealth: Insights on Succession, Cohesion, and Legacy Book

Foreword.

Introduction.

About the Contributors.

Part One: Transitions and Letting Go.

Introduction.

1     Succession and Letting Go of a Business.

Dilemma: It’s time to plan for succession, but I don’t

know how to let go of the business.

2     Keeping Future Generations Connected.

Dilemma: I sold my business at the right time and have more than enough to take care of my family, but I feel alone and uncomfortable in my new position of wealth. What do I do with my time, and how do I preserve a connection with the family wealth in subsequent generations?

3     Future Wealth Generators.

Dilemma: As the family grows, the original fortune is not enough to support everyone. How can I support and encourage future wealth generators to add to the family coffers?

Part Two: Retaining Family Cohesiveness.

Introduction.    

4     Keeping the Family Together.

Dilemma: I want the wealth to enhance our dreams, but don’t want it to be the only reason we stay together.

5     Integrating New Family Members.

Dilemma: As new members come into the clan through marriage, how do I level the playing field if one partner is less wealthy, and what value do certain structures like prenuptial agreements offer me?

Part Three: Preparing Heirs.

Introduction.  

6     Preparing Children and Grandchildren.

Dilemma: I need to prepare my children and grandchildren for the responsibility of wealth, but I’m afraid that if they know too much, it will destroy any initiative to earn a living. How do I communicate this concern?

7     Fairness in Estate Planning.

Dilemma: I plan to be fair to my children, but if I leave them unequal amounts of money, am I setting up a future battleground?

8     Strategic Philanthropy.

Dilemma: I want to give some of my wealth back to society, but how can I do it without my children thinking I’ve given away their inheritance, and in a manner that will reflect our values and enhance the family legacy?