During the late 80s, I worked on Wall Street for Drexel Burnham Lambert. I remember the investor intermediaries were then called “Stock Brokers” or “Brokers.” The Broker’s value proposition was access to information and the execution of trades. I remember the Brokers walking over to a wall that had a see-through tubing system that ran
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In a recent article titled, 17 Celebs Who Won’t Leave Their Kids An Inheritance, celebs like Bill Gates, Jackie Chan, Sting, Marie Osmond, and Laurene Powell Jobs all said they will not leave an inheritance for their children. For example: “It’s not a favor to kids to have them have huge sums of wealth.
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The top two questions that keep wealth creators and wealth holders up at night are: How and when do I talk to my children about our family wealth? How do I prepare my children for the opportunities and responsibilities of family wealth; especially so they don’t become entitled or trustafarians? Legacy Capitals has written articles
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According to a recent survey from Charles Schwab [referenced in an online article by Financial Advisor Magazine], “…respondents said that on average being wealthy means having a personal net worth of $1.9 million. That’s down from $2.6 million in the prior year’s annual “Modern Wealth Survey.” “Survey participants also lowered the bar for how much
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In a loft, nestled around a large wooden artistic-type table overlooking the NYC landscape, sat two generations of a family. As my team led the family through their meeting agenda, it was time for the parents to share their “intended living legacy” (we provide a tool to parents to help them draft this). Dad began
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Are you planning a substantial transfer of wealth this year? You’re not alone! Due to anticipated changes in United States tax law, many affluent Americans are considering the option to transfer substantial amounts of family wealth into the hands of their beneficiaries in order to maximize the current lifetime exemption from federal gift or estate
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Happy International Women’s Day! Last week I had the opportunity to facilitate a dynamic conversation with the professionals of a Multi-Family Office firm. The topic of our conversation was how to improve service to female clients. They wisely highlighted that women are individuals – there’s no one approach you can take, event you can plan,
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In my first book LEGACY, I present a chapter on the five capitals everyone possesses, represented by the acronym, FISHS. F = Financial Capital | I = Intellectual Capital | S = Social Capital | H = Human Capital | S = Spiritual Capital In my Trusts & Estates article – Preparing for the Assets
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Matisse was a 2019 first round draft pick for the Philadelphia 76ers. Both in college and now in the pros, he is known for his defensive prowess. Matisse is in his second NBA season and although he rarely starts a game, when he comes off the bench he immediately makes an impact whether it is
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Todd Martin is an American retired tennis player. He reached the men’s singles final at the 1994 Australian Open and the 1999 US Open and achieved a career-high singles ranking of world No. 4. On a related note, Kobe Bryant was interviewed a few years ago on the Tennis Channel regarding his book Legacy and
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Robert De Niro won an Academy Award for his performance as Vito Corleone in the 1974 film The Godfather: Part II (making Brando and De Niro the only people to win Oscars for playing the same character). There is a lot families should learn NOT to do that Di Niro’s character Vito Corleone did in
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A few years back, I was asked to present at a YPO meeting regarding how to help families flourish in the context of significant wealth (via my book LEGACY). Also presenting at the YPO meeting was NYTimes bestselling author Bruce Feiler. Between sessions I had a few minutes to share ideas with Bruce; in particular,
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