The Legacy Family The Definitive Guide to Creating a Successful Mult
Written by two experts in the field, will provide readers with a roadmap for detailing how to leave family wealth and more importantly, legacy, intact. Readers will learn a variety of skills, including how to articulate a collective vision and aspiration
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The Legacy Family The Definitive Guide to Creating a Successful Multigenerational Family Lee Hausner and Douglas K. Freeman
Foreword by Jay Hughes Author of Family Wealth- Keeping It in the Family
palgrave macmillan
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THE LEGACY FAMILY
Copyright © Lee Hausner and Douglas K. Freeman, 2009. Softcover reprint of the hardcover 1st edition 2009 978-0-230-61892-3 All rights reserved. First published in 2009 by PALGRAVE MACMILLAN® in the United States-a division of St. Martin's Press LLC, 175 Fifth Avenue, New York, NY 10010. Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Maemillan, a division of Maemillan Publishers Limited, registered in England, eompany number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Maemillan is the global aeademic imprint of the above eompanies and has eompanies and representatives throughout the world. Palgrave® and Maemillan® are registered trademarks in the United States, the United Kingdom, Europe and other eountries.
ISBN 978-1-349-60418-0 ISBN 978-0-230-10186-9 (eBook) DOI 10.1057/9780230101869 Library of Congress Cataloging-in-Publication Data Hausner, Lee. The legacy family : The Definitive Guide to Creating a Sueeessful Multigenerational Family I Lee Hausner, Douglas Freeman. p.em. Includes bibliographical referenees and index. 1. Family. I. Freeman, Douglas. 11. Title. HQ519.H382009 306.85-de22
2009011691
A eatalogue reeord of the book is available from the British Library. Design by Newgen Imaging Systems (P) Ltd., Chennai, India. First edition: Deeember 2009 10 9 8 7 6 5 4 3 2 1
CONTENTS
Foreword by Jay Hughes Acknowledgment
vii Xl
Prologue
XlII
Introduction
The Legacy Family
One Two Three Four Five
Roadmap to a Legacy Family Family Constitution Family Communications The Family Meeting Family Governance
Six Seven Eight Nine Ten Eleven Twelve Thirteen Fourteen
Family Wealth Planning The Family Bank Family Shared Assets The Family Foundation Financial Competency and Life Skills Training Family Business Succession Managing Conflict The Brain Trust Taking the First Step
Appendix: UseJul Tools 1 Family Strategie Planning Issues 2 Sampie Family Constitution 3 Sampie Family Meeting Agenda and Topics 4 Common Feeling Words 5 Family Conflicts in Wealth Planning-Issues and Triggers Checklist 6 Sampie Family Shared Asset AgreementTopical Outline ofKey Provisions
1 9
17 25 39 51 59
73 85 97 113
123 137
153 159
167 169 177 179
181 185
Contents
VI
7 8 9 10 Index
Comparisons between Private Foundations and Donor Advised Funds Ten Frequently Asked Questions Regarding Governance and Management Financial Competency Checklist Reference Books and Reading List
187
191 195 199 203
FOREWORD
The Legacy Family-A Family Jor the Generations
During the past thirty years, a new multidisciplinary field has emerged to serve families whose "business is the family" and its long-term flourishing. Prior to this time the few families who had sold their enterprises and become financial families had very few advis
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