Summary of Family Wealth
Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual and Financial Assets for Generations
Most families who become wealthy lose their money within three generations. How can you avoid that? Read here.
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.
In this summary, you will learn
- Why families must develop human capital to sustain their wealth; and
- How, with proper governance, you can maintain family wealth for more than 100 years.
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.