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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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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It has been a hectic week. Your client and his wife are coming to your office for a meeting at 1:00 P.M. today. He sends you an email to inform you that he plans to bring his young adult kids, who happen to be in town for the week, along to the meeting. He asks
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“If your organization can adopt the concept of intelligent failure, it will become more agile, better at risk taking, and more adept at organizational learning” (Rita McGrath, Failing by design. HBR (2011):89.4, 76-83) Because of fear of failure and lack of know-how, many parents create the outcomes in their children that they
Read moreOne of the greatest wealth-related concerns that keep parents up at night is how to ensure their wealth does not have a deleterious affect on their children (heirs). In some cases, no matter how hard the parents have tried to properly prepare their children, the children may still make irresponsible and sometimes destructive choices. For
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