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Summary

The gift of giving is at the core of family wealth and with the new  estate law allowing up to $5,120,000 in tax-free gifting, the  ultra-affluent are faced with the task of giving in the largest  amount in estate tax history. Beyond the tax saving and wealth  management implications, the act of giving in such a generous  amount opens up a slew of new issues for wealthy families, the  biggest of which is: how do I prepare the recipient of such a hefty  gift? With that question in mind, Hughes, Massenzio, and Whitaker  have written Wisdom and Wealth in three main parts:  The Who of Giving, The How of Giving,  and The What and Why of Giving. The first part deals  exclusively with the people most deeply involved in family giving,  especially the recipients and givers (parents, grandparents,  spouses, trustees). The second part, The How of  Giving, addresses the delicate balance of givers who want to  maintain some level of control and recipients who want some level  of freedom in accepting and growing the gift. The final part,  The What and Why of Giving describes various types of  gifts, from money to business interests to values and rituals. The  authors also introduce their family bank concept as a  model that combines loans, trusts, and outright gifts. It embodies  a framework and set of practices for long-term family growth.

Duration: about 5 hours (04:49:09)
Publishing date: 2020-07-20; Unabridged; Copyright Year: 2020. Copyright Statment: —

• Business & Economics