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I wrote, about a week ago, about intangible wealth. Somehow the subject keeps coming up in my mind. Read the rest of this entry »
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assets, commitments, experience, family government, family meeting, family traditions, intangible wealth, knowledge, obligations, relationshipsEstate planning is–or should be–about a family’s pecuniary interests, of course. But what about the things that money can’t buy? The best estate planners say you should deal with them. But these same planners, it seems to me, have a difficult time explaining what, exactly, these “other” assets are, how, exactly, these “other” assets can impact an estate, and what, exactly, you should do to maximize their benefit for future generations.
Gerald Le Van wrote an article for the American Bar Association’s Experience magazine (Summer 2006, p. 28) titled “A Family Council for the ‘Relational Estate.’” I think he begins to unpack the meaning of these “other,” intangible assets very well. He suggests that some of them are comprised of the family’s “relational estate.” Read the rest of this entry »
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