Family Wealth

By: The Mcgowan Group  09-12-2011
Keywords: Facilitators

Wealth can open up many opportunities for families, but it can also bring many challenges. Wealthy parents commonly struggle with issues such as:

  • How much money do we give to our children and when?
  • What impact will our wealth have on our children?
  • Are our children prepared to manage their wealth?
  • How can we ensure that our wealth survives for generations?

These concerns are quite valid. In a study of one thousand High Net Worth estates, researchers found that 700 of the estates failed. Reasons for failure included:

  • 60% due to breakdown of trust and communication amongst family members
  • 25% due to failure to prepare the heirs
  • 15% other: i.e. tax, legal, etc.

Through facilitated sessions, we work with family members to open up dialogue and help individuals communicate and understand the deeper meaning and purpose of wealth in their lives. This open communication helps to build trust and harmony among family members and overcome the most significant cause of estate failures.

To help make sure that wealth survives the generational transfer and endures for generations to come, our facilitators also work with families to develop plans that will help ensure children inherit not just financial wealth but many other capabilities with a view to achieving the highest and best purposes for their inheritances.

Through facilitated discussions, we assist family members to build a strong foundation for future success by addressing such issues as:

  • Family mission and values
  • Personal development plans
  • Education
  • Governance structures and other supportive elements

Many families of wealth also find the business of managing their wealth to be overwhelming. A Family Office is a unique way for a family to manage its wealth, maintain family continuity and preserve a legacy. It provides a means of protecting, monitoring, growing and transferring today's wealth and values to the next generation.

The structure of a Family Office varies greatly depending on the family's requirements and resources. Our facilitators work with families to understand their objectives and determine the services required. We then help the family understand their options, including establishing their own family office, joining a multi-family office or working with a commercial family office, and help them select the right structure that makes sense for their particular circumstances.

Keywords: Facilitators

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