During the last ten years, many attorneys and financial planners, in the United States, have recommended that their clients create perpetual trusts. These trusts are frequently referred to as “Dynasty” trusts. While there are a number of individual and family reasons...
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Jay’s Reflections Articles
A Process For The Evaluation Of The Next Generation Of A Family And Possible Criteria For Such An Evaluation
HOW DOES A FAMILY OF MEANS "INVENTORY" OR EVALUATE ITS NEXT GENERATION? WHAT CRITERIA SHOULD BE USED TO ACCESS THE CAPABILITY OF THE NEXT GENERATION TO CARRY ON? These two questions seem to ask a family how to evaluate itself, and particularly its next...
Reflections On Grand-Child/Grand-Parent Philanthropy As An Element In A System Of Family Governance
The Chinese have a proverb in which they state the “grand-parents and grand-children are the natural enemies of the parents”. Whether there is truth in this proverb, who can say, but certainly history and literature, as well as my own personal experience, all indicate...
A Reflection On Mentoring [1]
As I seek to help families to preserve and grow their human and intellectual capitals, I search for the stories of individuals whose histories reflect successful life-long learning. I am interested in individuals whose lives reflect successful journeys in Aristotelean...
A Reflection On The Roles And Responsibilities Of Each Family Member As An Owner Of The Family Enterprise In A Family Governance System
During the past few years in my work with families, I have discovered that there is no educational program to teach family members how to be great owners of a family business or of a financial fortune. There are, on the other hand, multiple programs on how to be good...
A Reflection On The Sibling As Grand-Child Where There Is A 10-Year Or Greater Age Gap Between Siblings
In my work with families, I am increasingly discovering how different the messages are that each sibling receives from his or her parents. As a Buddhist, this illumination is less startling than it might be to the Western spirit. In the Tibetan Buddhist tradition we...
A Reflection On The Sale Of A Family Business As An Event Of Trauma
During my 32 years of law practice with families, I have frequently been confronted with certain paradoxes in trying to understand how to help them overcome “Shirt Sleeves to Shirt Sleeves in Three Generations”. One of the most baffling occurs when a family sells its...
The Trustee As Regent Within A Family Governance System
This reflection continues an ongoing exploration of the ways in which a family may successfully preserve its wealth long into the future. In prior reflections, Jay Hughes has explored how a trust functions, through a discussion of the Roles and Responsibilities of the...
A Reflection On The Meaning And Practice Of Work Within A Family Governance System
In every one of the world's spiritual traditions there is an emphasis on each individual within the community discovering and fulfilling the meaningful work to which he or she is called. This process of discovery and fulfillment is recognized as a critical element in...