Complete Family Wealth: Wealth as Well-Being - Hardcover

by James E. Hughes (Author), Keith Whitaker (Author), Susan E. Massenzio (Author)

A primer for families of high net worth on how to manage their qualitative and financial wealth for generations

The second edition of this foundational work, Complete Family Wealth: Wealth as Well-Being provides proven tools and best practices for families of means to use in maturing, maintaining, and managing personal and legacy wealth long into the future. The book is divided into three parts: the "what"--what is meant by family, wealth, and enterprise; the "who"--the persons crucial to family enterprise flourishing; and the "how"--specific practices families can use to enhance and grow family wealth.

The second edition of this work places the health and well-being of the individual members of the family unit at the forefront of every aspect detailed within the book. A natural product of this focus is an increased awareness of the social complexities of wealth that have come to the fore in recent years, and the team of expert authors here address the responsibility of private wealth to the public good. In addition, Complete Family Wealth's second edition provides readers with:

• A new chapter on "the big reveal," suggesting ways to encourage positive, life-affirming reception of the revelation of present or future wealth
• An additional chapter on preserving the beloved family vacation home
• Two new appendices: "Fiduciary Course Curriculum," dedicated to enhancing the education of trustees and beneficiaries; and "Key Practices for Families During Challenging Times," a response to the pandemic but relevant to all trying periods for families
• Examples that make these practices accessible to a broad audience across the wealth spectrum.

Having shaped the language used by families and their advisors with the first edition, Complete Family Wealth's second edition is essential reading for families of high net worth and their financial advisors. It will also be of interest to family offices, fund managers, as well as private investors.

Front Jacket

In the newly revised Second Edition of Complete Family Wealth, a dedicated team of veteran advisors offers a comprehensive resource for growing, maintaining, and managing wealth across multiple generations. In the book, you'll find complete and insightful treatments of the "Five Capitals"--human, legacy, family, structure, and social--that, together, sustain family wealth across time.

Complete Family Wealth, Second Edition discusses the "what," "who," and "how" of family wealth management in intuitively organized chapters that allow you to jump immediately to any section you desire. You'll explore everything from the principles of family enterprise to family governance, philanthropy, and more. You'll also discover the unique roles played by each family member, and the responsibilities they carry with respect to the family business.

The Second Edition incorporates a new chapter on "The Big Reveal," that moment in time when future generations are introduced to their present or future financial wealth. The authors share time-tested strategies for increasing the likelihood that recipients will flourish and integrate this information, rather than fight it, freeze, or take flight.

Other new additions to the book include a chapter on preserving a beloved family vacation home, as well as two new appendices: one detailing a "Fiduciary Course Curriculum" for families who wish to improve the understanding of their trustees and beneficiaries, and a second that discusses crucial practices for families during challenging times (like the ongoing COVID-19 pandemic).

With the guidance and strategies you need to keep your family's wealth intact, Complete Family Wealth, Second Edition offers families with wealth, and those who advise them, the critical knowledge that's required to protect and build on what you've worked so hard to create over decades.

Back Jacket

Maximize your family's well-being and wealth across generations

Families of means require sound planning and strategy to ensure that the wealth they've built over time does not disappear as it is transferred to new generations. In the Second Edition of Complete Family Wealth, distinguished family advisors James Hughes, Drs. Susan Massenzio, and Keith Whitaker provide readers with an intuitive and holistic approach to managing, growing, and maintaining wealth across generations.

With new chapters that detail specific moments in time--like revealing to the next generation that they will inherit significant wealth--or specific tasks--like maintaining a family vacation home--this latest edition also offers new information on improving the learning of trustees and beneficiaries and meeting the challenges presented during historically difficult times.

Along with practical and hands-on guidance regarding how to handle common challenges, like preparing for family meetings and discussions, Complete Family Wealth, Second Edition delivers a coherent blueprint to sustaining a family enterprise across time. It's ideal for families with wealth, families that run successful enterprises, and the professionals who serve these families and seek to help them maximize their wealth and well-being across generations.

Author Biography

JAMES E. HUGHES, JR. is a retired attorney and the author or co-author of several books on the dynamic preservation of true family wealth, including Family Wealth: Keeping It In The Family, Family: The Compact Among Generations, and Cycle of the Gift: Family Wealth & Wisdom.

SUSAN E. MASSENZIO, PHD, is a psychologist and co-founder of Wise Counsel Research, a think tank and consultancy. She has extensive experience consulting to senior executives, helping leaders develop effective succession plans.

KEITH WHITAKER, PHD, is an educator and co-founder of Wise Counsel Research. He has extensive experience consulting to leaders of enterprising families, helping to plan succession, develop next-generation talent, and communicate around estate planning.