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The Benefits of a Family Constitution
Manage episode 304457355 series 2930316
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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 latest installment of the show, Scott and Matt explore the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing family wealth.
Timecodes:
0:05 - Welcome to the show and overview on the topic
2:20 - The types of challenges arising when families with wealth work together to manage their assets
4:30 - Specific wealth-related issues with families possessing significant assets
5:43 - What families can do to create and maintain harmonious relationships surrounding their wealth
7:07 - How a family constitution works and promotes better relationships across the family
8:48 - How a family would go about drafting this document
11:22 - Who from a given family should be involved in discussing these issues
13:17 - Is this a legal and binding document?
15:00 - How does this document remain relevant over time?
16:35 - Who families can turn to for help with this process
18:47 - Summarizing the benefits of the family constitution
20:59 - Closing remarks
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