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Family Wealth - Keeping it in the Family


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Table of Contents

Introduction. Part One: My Philosophy. 1 Long-Term Wealth Preservation as a Question of Family Governance. Part Two: Family Practices. 2 The Family Mission Statement. 3 Ritual. 4 The Family Balance Sheet and Family Income Statement. 5 Investor Allocation. 6 Two Important Practices. 7 The Family Bank. 8 Protectors, Advisers, Mentors, and Hommes d'Affaires. Part Three: Roles and Responsibilities. 9 Control Without Ownership. 10 Beneficiaries. 11 Trustees. 12 Family Philanthropy. 13 Evaluating the Next Generation. 14 Peer Review. 15 The Private Trust Company. Part Four: Reflections. 16 The Role of Aunts and Uncles. 17 The Art and Practice of Mentorship. 18 The Role of Elders. 19 The Trustee as Mentor. 20 The Trustee as Regent. 21 Unexpected Consequences of a Perpetual Trust. Epilogue. Bibliography. Index.

About the Author

James E. "Jay" Hughes Jr. is of counsel at Day, Berry & Howard and author of many influential articles on family governance and wealth preservation. He is renowned for facilitating multigenerational family meetings with an emphasis on mission statements and governance issues. In addition, Hughes has spoken frequently at numerous international and domestic symposia on estate and trust planning.


"Family Wealth is a brilliant case statement for the importance of the nurturing of character, of self-confidence, and of respect for the value of work. . . . A must-read." ?H. Peter Karoff Founder and Chairman, The Philanthropic Initiative, Inc. "Essential reading for insightful families." ?Sara S. Hamilton Founder and CEO, Family Office Exchange, LLC "Jay Hughes's work with families, including his own, gave him the gift of learning the history of many, many families. Within that context he has written a book that illuminates previously only dimly lit concepts." ?Charlotte B. Beyer Founder and CEO, Institute for Private Investors (IPI) "An approach to wealth preservation that values not only money but people. Hughes shows us why that approach matters and how it works for the family that wants a better future for itself and the world at large." ?Peter White Managing Director, Family Advisory Practice, Citigroup Private Bank "Invaluable direction . . . an essential guide for the creation of legacy families." ?Lee Hausner, PhD Author of Children of Paradise: Successful Parenting for Prosperous Families Partner of IFF Advisors, LLC "Incredibly provocative, thoughtful . . . a must-read for those we call 'patriarchs' and 'matriarchs,' their key intermediaries, all trustees and beneficiaries, and everyone who aspires to earn the title 'trusted adviser.'" ?Michael J. A. Smith Head of Wealth with Responsibility Program, U.S. Private Wealth Management, Deutsche Bank

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