One of the biggest concerns facing affluent families is how to manage their wealth so it achieves a few different goals. These goals could range from continuing to grow their wealth as it’s transferred to younger generations, to aligning the use of the wealth with the values and ideals the family holds dear, or even to protecting that wealth from creditors and those seeking to take it unjustly.

Oftentimes, the best place to start, is to ensure that the family members are aligned when it comes to key issues surrounding the wealth. A family constitution can be a great way to establish this sense of understanding as a whole.

In the fifth installment of Planning Wisdom of the Super Rich, Devang and Ryan explore the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing the family’s wealth and promoting its longevity.

Timecodes:

00:06 – Overview on today’s topic

01:00 – The types of challenges that arise when families attempt to work together to manage their wealth

03:20 – The specific wealth-related issues that appear with affluent families

04:50 – What families can do to promote more harmonious relationships surrounding their wealth

06:05 – How a family should go about drafting this family constitution

07:20 – What a family constitution specifies and outlines

09:10 – Who from a given family should be involved in developing this family constitution

10:00 – A family constitution is not a legal document, but it is formal and outlines guidelines

11:00 – How to make sure the family constitution remains relevant over time

13:00 – Summarizing the key reasons why families should be utilizing a family constitution

Connect with Devang Patel:

Virtus Wealth Solutions

LinkedIn