As James E Hughes Jr. points out
, a family’s wealth is not limited to its financial assets but includes its arguably more important forms of wealth: its human and intellectual assets. That means a family’s total assets are far greater than its financial assets alone.
This week’s recommended book, Build Your Family Bank, builds on the seminal work of Hughes and offers practical and concrete steps to take to ensure your family’s successful generational transition.
“The Family Bank approach recognizes that the traditional method of succession and wealth-transition planning, which focuses on controlling financial assets and minimizing and deferring taxes, gets the order of the work backwards.
The Family Bank approach, in contrast, pays close attention to the human elements of the family, then explores governance strategies and considers legal structures that meet the family’s needs.”