GenSpring regularly publishes on a broad array of topics categorized as Family Wealth & Business Planning, Family Governance & Education, Investment & Tax.
On our journey to obtain independence and achieve financial success, we usually prioritize having good educational experiences, a sound résumé and a career with a nice salary. The reality is that even with all this, we can still face financial disaster if we don’t develop good financial habits. The road to financial freedom requires practice and discipline. Here are a few simple steps to aid you on your journey.
Research suggests that the odds of sustaining wealth across generations are as low as 30%. Through collaboration with experts, internal research, and working with many of the world’s wealthiest families, GenSpring has identified 25 non-financial best practices that we believe enhance a family’s ability to sustain family wealth across generations.
Prenuptial agreements are becoming a more prevalent part of the marriage process, but most parents, children, and of course, young engaged couples, often find this subject very difficult to discuss. This paper provides helpful insight into addressing this sensitive and often taboo subject.
GenSpring gathered more than 80 women for a Women’s Retreat, a weekend-long learning event for clients ranging in age from 21 to 91. During one general session, participants were grouped by generation to share their experiences communicating across generations and then did the same in cross-generational groups. Throughout robust discussions, several insights emerged.
Director of Family Education Lauren Blatz details our approach to education in a new white paper she has authored titled Education: The Foundation for a Successful Life with Wealth. In the paper, Lauren shares that the ultimate goal of GenSpring’s process is to help instill an ownership mentality in the next generation, even when the next generations assets are held in Trust.
The expression “an elephant in the room” has been around for decades – if not longer. Readily recognized to mean an uncomfortable situation not talked about but clearly known to all. When elephants make unwanted appearances – at dinners, parties, meetings — people get uncomfortable and begin to shut down. Overtime, these actions may cause family relationships to erode. A family whose home is full of unwanted “elephants” can begin to turn things around. Become informed, open communication, know the key players and embrace the process.
Exposing children to philanthropic endeavors is an excellent way of demonstrating family values and attaching meaning to money. Further, philanthropy often brings family members together and helps them celebrate their family history and legacy. This paper details creative ideas for actively engaging the next generation in philanthropy.
This paper provides readers an overview of the topic of family governance in addition to an approach of creating a system of family governance that has proven successful for many families. Written by GenSpring Director of Family Governance Daisy Medici and Family Wealth Advisor David Herritt, this white paper describes what we believe is one of the core elements of wealth management.
Though the challenges to successful wealth transfer across generations may seem overwhelming, they can be overcome. Freedom within a Framework provides an outline for how families can educate and prepare their heirs for the opportunities and obstacles that lie ahead.
Families of significant wealth often own a diverse mix of assets, including multiple residences, less liquid alternative or private equity investments, and valuable collectibles. This paper discusses 10 key factors that must be taken into account in order to create and maintain a flexible wealth management plan that reflects the family’s priorities and diverse mix of assets and balances risk, cost, and complexity.