Secrets of the Super Rich - Episode 5 (Family Constitution)
Secrets of the Super Rich Ep. 4: A Best Practice of That Can Benefit All High-Net-Worth Individuals
Secrets of the Super Rich Ep. 3: One Thing That Makes Good Wealth Managers Great
Secrets of the Super Rich Ep.2: 5 Big Mistakes Homeowners Make and How to Avoid Them
Secrets of the Super Rich Ep.1: Stress Tests, What They Are and Why They're Important
In the 5th installment of Secrets of the Super Rich, Vince and Jeff dive into a unique topic surrounding affluent families today. One of the biggest concerns facing affluent families today is how to manage their wealth so that it achieves many goals – from continuing to grow their wealth as it is transferred to younger generations, to aligning the use of that wealth with the values and ideals the family holds dear, to protecting that wealth from creditors and others who might seek to take it unjustly.
Often the best place to start is to ensure that your family members are aligned and “on the same page” when it comes to key issues. A family constitution can be a great way to get that process going.
Listen as Jeff and Vince showcase the importance and value that a family constitution can provide for affluent families.
00:15 – The big concerns facing affluent families today
02:20 – Unique challenges that can arise when families work together to manage assets
04:30 – The wealth-related issues that arise among families with significant assets
06:00 – What families can do to establish a more harmonious relationship in this realm
07:00 – How a family constitution promotes better relationships among the family
09:20 – How a family would go about drafting a family constitution
12:00 – Who from a family should be involved in these discussions
13:05 – How formal these family constitutions really are
14:36 – Additional advice to ensure a family constitution remains relevant over time
16:06 – Who families can turn to for help
18:00 – Summation of the reasoning behind utilizing a family constitution
22:00 – These strategies aren’t only for the super rich
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