The 25 Best Practices of Multi-Generational Families
Historical statistics on successfully sustaining family wealth are tragic and the term shirtsleeves-to-shirtsleeves is universal. Surprising to some, research shows that less than 3% of these failures stem from poor estate planning and poor investment returns (Williams and Preisser, 2003). This implies that there are other circumstances that have a far greater impact on the ultimate success of wealth transfer. In collaboration with experts over the years, conducting research, and working with more than 350 families, we have identified 25 best practices that characterize multi-generational families that have successfully sustained their wealth across generations.