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Family Wealth
Book

Family Wealth

Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual and Financial Assets for Generations

James E. Hughes Jr.
Bloomberg Press, 2004

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автоматическое преобразование текста в аудио

Editorial Rating

8

Qualities

  • Innovative
  • Applicable

Recommendation

Reading James E. Hughes Jr.’s book is like sitting down in an easy chair with brass rivets gleaming in burgundy leather, in a trusted old family friend’s parlor, to obtain a kindly word of advice. You can almost smell the pipe tobacco and taste the brandy as you read. Hughes gently and wisely guides people who want to preserve their family’s wealth on how to think beyond the current fiscal year. This book is genuine and straightforward, with insights gained over many years. Hughes covers creating a family mission statement, instituting a family bank or private trust company, mentoring the next generation, family governance, philanthropy and much more. His most important contribution, however, is the perspective he offers on the human side of the equation. Even the richest families are doomed to squander their inheritances, he cautions, unless they recognize the importance of the intellectual and human development of their family members. getAbstract highly recommends this book of sage advice to anyone who hopes to keep it all in the family.

Take-Aways

  • Most families who become wealthy lose their money within three generations.
  • The capacity to attain wealth is rare, and is often unappreciated by subsequent generations who may squander the family’s accumulated capital.
  • Families who seek to preserve their wealth must understand that their family is a business.

About the Author

James E. Hughes Jr. is a counsel at Day, Berry & Howard. As an attorney and estate planner, he has written several influential journal articles on family governance and wealth preservation. He specializes in multigenerational family meetings that result in family members drafting mission statements, and resolving governance issues. He is a frequent speaker on topics related to estate and trust planning.

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