Product Description

This is the landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations - now revised and expanded. Charles W. Collier, Senior Philanthropic Adviser at Harvard University, hails this as, "A masterpiece. No one is more astute than Jay Hughes about the topics of family wealth and family life."

Product Details

• Amazon Sales Rank: #46299 in Books
• Published on: 2004-05
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 240 pages

Features

• ISBN13: 9781576601518
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.
• Click here to view our Condition Guide and Shipping Prices

Review
"A must read for those we call patriarchs and matriarchs, their key intermediaries, all trustees and beneficiaries" -- Michael J. A. Smith, Head of Wealth with Responsibility Program, U.S. Private Wealth Management, Deutsche Bank

"An approach to wealth preservation that values not only money but people." -- Peter White, Managing Director, Family Advisory Practice, Citigroup Private Bank

"Brilliant case statement for the importance of the nurturing of character, of self-confidence, and of respect forthe value of work." -- H. Peter Karoff, Founder and Chairman, The Philanthropic Initiative, Inc.

"Essential reading for insightful families" -- Sara S. Hamilton, Founder and CEO, Family Office Exchange, LLC

"Invaluable direction… an essential guide for the creation of legacy families." -- Lee Hausner, Ph.D., Author of Children of Paradise: Successful Parenting for Prosperous Families

From the Back Cover
The landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations.

About the Author
James E. Hughes Jr. is a sixth-generation counselor-at-law, now retired, and author of many influential articles on family governance and wealth preservation. He is renowned for facilitating multigenerational family meetings with an emphasis on mission statements and governance issues. Hughes speaks frequently at international and domestic symposia on estate and trust planning.

Customer Reviews

Insightful!
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. We highly recommends this book of sage advice to anyone who hopes to keep it all in the family.

Really expanded my horizons
Studying this book and sharing copies of it with some of my cousins really opened my eyes to the potential in my extended family. We don't have substantial financial wealth, though there are a few deep pockets. We have several people in my generation who have achieved outstanding success in life, including one who's a major general in the Army and another who is a star on Broadway.

More than that, we have six generations of people who are used to knowing each other and working together because of a piece of recreation property that my great-grandfather bought 100 years ago.

That property has kept us together for 100 years but it won't be enough for another 100 years. This book got me thinking about what we can do for the next 100 years, and I see lots of opportunity to develop the "human capital" in this family and to back those things with financial strength.

Most of all, this book stimulated my thinking "outside the box" and provided the springboard for family discussions that will let my siblings and cousins and I create something with the potential to keep making this family stronger for another half-dozen generations.

For that, I think buying this book was probably the very best family investment I could make.

Long-term Thinking and How to Get There
"Family Wealth" by James E. Hughes, is a sensitive, detailed blueprint for families who have acquired wealth and want to use it to create a dynastic organization that will preserve their family and its wealth for many generations to come. This book explains in detail the steps necessary for long-term success and guides the reader through the creation of mission statements, plans for family governance, creating a mutually rewarding relationship between trustees and beneficiaries, philanthropy, mentoring, and the establishment of private trust companies. Hughes emphasizes the need for long-term thinking as well as short-term relationship management within the family since decisions made regarding personal and intellectual development will be just as important as financial decisions to the long-term future of the family organization. This book offers an excellent starting point for financial planners as well as estate and trust attorneys who want to address and serve the interests of the wealthy. I recommend it heartily.