PODCAST EPISODE

Advice You Can Trust - Episode 5 (A Family Constitution)

Advice You Can Trust

May 27 2021 • 30 mins


One of the biggest concerns facing affluent families is how to manage their wealth so that it achieves many goals. Their focus could be continuing to grow their wealth as it is transferred to younger generations, or aligning the use of that wealth with the values and ideals the family holds dear, or even protecting that wealth from creditors and others who might seek to take it unjustly. Often the best place to start, is to ensure that your family members are aligned when it comes to key issues. A family constitution can be a great way to get that process going. In the fifth installment of the show, James and Ryan explore the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing family wealth. Timecodes: 00:05 - Overview on today's topic 02:05 - The challenges arising when wealthy families work together to manage their wealth 04:08 - Specific wealth-related issues among families with significant assets 05:50 - What families can be doing to make sure everyone is aligned 09:50 - How a family constitution works 12:20 - How a family should go about drafting a family constitution 15:40 - Who from the family should be involved in the financial discussions 20:21 - Additional advice to ensure the family constitution remains relevant over time 23:00 - Who families should turn to for help with this entire process 26:17 - Final remarks regarding the importance behind establishing a family constitution Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

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