DELAWARE TRUST ACT 2024
Enhancing flexibility, transparency, and beneficiary engagement in trust administration
HIGH LEVEL COLLABORATION
The purpose of this paper is twofold: first, to highlight the benefits that high-level collaboration delivers to both the client and the advisor, and second, to identify and offer concrete solutions for the three primary issues that prevent advisors from collaborating together effectively.
CREATING MULTI-GENERATIONAL, TRANSFORMATIONAL, PHILANTHROPY IN YOUR FAMILY
In this groundbreaking white paper, we will explain the concept of “transformational philanthropy” and how to create multi-generational, transformational philanthropy in your family, which results in families remaining together for multiple generations and develops multi-generational philanthropists and donors.
FAMILY CULTURE
The key takeaway from this extensive study was that successful multi-generational families worked consciously and consistently to create, nurture, and conserve a culture of communication, trust, and mentoring within the family. And they pursued that noble objective within the context of a clear and united understanding of their family’s distinct purpose.
EFFECTIVE FAMILY GOVERNANCE
The most technically complex, artfully crafted Family Governance structures in the world will not keep the family and its fortune together or help the family to achieve their vision over time.
FAMILY WEALTH AND WEALTH
Families who kept the family and wealth together for multiple generations created and maintained a culture of communication, trust and mentoring that was all wrapped around the family’s purpose. A later study determined that the primary causes of failure were
A TALE OF TWO FAMILES: VANDERBILT AND ROTHSCHILD
Valued at his death (in 2007 dollars) at $167 billion. He left 95% of his estate to one son, and divided the rest among his eight daughters and his wife, leaving a tiny portion to charity. Four of his children contested the will, and one ultimately killed himself over the escalating feud about the financial inheritance.
LEAD ADVISOR
A Lead Advisor is the professional who families turn to for advice on a host of issues that are important to them. He or she has a comprehensive understanding of both the clients’ financial as well as their family dynamics.
Family Assessment
Unlike a fitness test, this assessment doesn’t require running or jumping —but it may be one of the most meaningful exercises you’ll complete. This one-page checklist has become one of our most popular tools for good reason: it offers a simple yet powerful way to evaluate where your family stands today in key areas such as communication, trust, shared goals, and long-term objectives.
By answering a series of thoughtful questions, you’ll gain clarity on what’s working well and where there may be opportunities for growth. There are no right or wrong answers—only honest reflections. If you find that your family achievement rating is one or two for several of your top priorities, it may be the perfect time to consider a family meeting to get everyone aligned and moving forward together.