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A “human and intellectual capital” resumé

How do you help your family members write personal resumés that will help your family account for all of its “human and intellectual capital”? Here’s one model.

[If you haven't read my preceding post about Family wealth, unique abilities, and personal resumés, I think you'll want to read it. It explains the basic idea of the "human and intellectual capital" resumé that "includes everything the particular family member believes her or his best friend might know."]

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Two Valuable Legacy Planning Books–Even if you have limited financial resources

I read two books while on vacation the last couple of weeks: Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values by Roy Williams and Vic Preisser, and Family Wealth: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations, by James E. Hughes, Jr.

Preparing Heirs goes into depth about the research behind a number one of our advisors mentioned to us: in a study of 3,250 families with significant financial assets, 70% of them failed to transfer their assets successfully to the next generation. What does that mean? They either lost all their money, or they found that the money destroyed family relationships. It blew the family apart in the inheriting generation.

When I read Preparing Heirs, I thought it provided some good insights, especially into the causes of failure. Read the rest of this entry »

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