Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations Author: James E. Hughes | Language: English | ISBN:
B003O86FB8 | Format: PDF
Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations Description
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.
Every family, looking at the next generation, hopes to confer advantages that are more than just material and financial--to inculcate character and leadership, to inspire creativity and enterprise, to help all family members find and follow their individual callings, and to avoid the financial dependency and loss of initiative that can all too often be an unwanted consequence of financial success. Yet many families never succeed in realizing that vision, much less sustaining it for three, four, or five generations and beyond.
James Hughes has thought deeply about these challenges, and his insights are at once practical and profound. For more than three decades, he has personally guided multiple generations of families in creating strategies to preserve their human and intellectual capital as well as their financial assets. His teachings synthesize insights from psychology, anthropology, political history, philosophy, economic theory, and the law, with examples ranging from Aristotle to cutting-edge social science theory. His ideas have been taken up by numerous exceptional families, by their advisers, and by scores of authors, practitioners, and academics who have found value in the methods he pioneered.
The first edition of this book, privately published, became a word-of-mouth classic. Now, Hughes has updated and substantially expanded it with new chapters that challenge conventional notions of wealth and offer guidelines for conserving family assets in the broadest senses. Filled with tested principles and practices for family governance and joint decision making, it is a rich source of workable wisdom that family members can put into practice today, to the enduring benefit and gratitude of future generations.
- File Size: 495 KB
- Print Length: 266 pages
- Page Numbers Source ISBN: 157660151X
- Publisher: Bloomberg Press; 1 edition (May 25, 2010)
- Sold by: Amazon Digital Services, Inc.
- Language: English
- ASIN: B003O86FB8
- Text-to-Speech: Enabled
X-Ray:
- Lending: Enabled
- Amazon Best Sellers Rank: #59,867 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
- #5
in Kindle Store > Kindle eBooks > Nonfiction > Professional & Technical > Law > Taxation - #22
in Books > Law > Estate Planning > Estates & Trusts - #43
in Books > Law > Tax Law
- #5
in Kindle Store > Kindle eBooks > Nonfiction > Professional & Technical > Law > Taxation - #22
in Books > Law > Estate Planning > Estates & Trusts - #43
in Books > Law > Tax Law
Reading James E. Hughes Jr.'s book is like sitting down in an easy chair with brass rivets gleaming in burgundy leather, in a trusted old family friend's parlor, to obtain a kindly word of advice. You can almost smell the pipe tobacco and taste the brandy as you read. Hughes gently and wisely guides people who want to preserve their family's wealth on how to think beyond the current fiscal year. This book is genuine and straightforward, with insights gained over many years. Hughes covers creating a family mission statement, instituting a family bank or private trust company, mentoring the next generation, family governance, philanthropy and much more. His most important contribution, however, is the perspective he offers on the human side of the equation. Even the richest families are doomed to squander their inheritances, he cautions, unless they recognize the importance of the intellectual and human development of their family members. We highly recommends this book of sage advice to anyone who hopes to keep it all in the family.
By Rolf Dobelli
HALL OF FAME TOP 1000 REVIEWER
Studying this book and sharing copies of it with some of my cousins really opened my eyes to the potential in my extended family. We don't have substantial financial wealth, though there are a few deep pockets. We have several people in my generation who have achieved outstanding success in life, including one who's a major general in the Army and another who is a star on Broadway.
More than that, we have six generations of people who are used to knowing each other and working together because of a piece of recreation property that my great-grandfather bought 100 years ago.
That property has kept us together for 100 years but it won't be enough for another 100 years. This book got me thinking about what we can do for the next 100 years, and I see lots of opportunity to develop the "human capital" in this family and to back those things with financial strength.
Most of all, this book stimulated my thinking "outside the box" and provided the springboard for family discussions that will let my siblings and cousins and I create something with the potential to keep making this family stronger for another half-dozen generations.
For that, I think buying this book was probably the very best family investment I could make.
By Richard Buck
Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations Preview
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