The Destructive Power of Family Wealth A Guide to Succession Planning, Asset Protection, Taxation and Wealth Management

Author: Philip Marcovici
Publisher: John Wiley & Sons_
ISBN: 9781119327523
Published In: December 2016
Format: Hardback , 296 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Wealth owners are responsible for more than just assets

The Destructive Power of Family Wealth offers thoughtful, holistic planning to ensure that your wealth remains a positive force for your family. While today's families have become global and the world has become smaller and more mobile, we have not yet become immune to the problems wealth poses to the family unit. This book provides authoritative guidance on family wealth management, with an emphasis on both family and wealth. Global taxation regimes, changing bank secrecy laws, asset protection and other critical issues are examined in depth to assist wealth owners in planning, and the discussion includes details on the essential tools that aid in the execution of any wealth management strategy. More than a simple financial planning guide, this book also delves into the psychology of wealth, and the effect it has on different family members; wealth destroys families every day, and smart management means maintaining the health of the family as much as it means maintaining and expanding wealth.

Family wealth brings advantages, but it also carries a potential for destruction. Wealth owners have a responsibility to their families and to themselves, and this book provides the critical guidance you need to get it right, whether you are part of a wealth-owning family or are an advisor to wealth-owning families.

Learn how careful planning can prevent family strife
Protect assets from risks ranging from divorce to political upheaval
Explore the many tools that facilitate secure wealth management
Discover how changing global regulations affect wealth
Understand how private banks and other advisors work
Uncover challenges faced by the wealth management industry
Find out how to work with advisors and to manage costs while ensuring efficient and effective outcomes

Families at all levels of wealth are vulnerable to shifting economic climates, evolving regulatory issues, asset threats and more. Any amount of wealth is enough to shatter a family, but deeply intentional planning based on thoughtful consideration is the key to keeping destructive forces at bay. The Destructive Power of Family Wealth provides expert guidance and a fresh perspective to help you maintain both family and wealth.

For those in the wealth management industry and for other advisors to wealth-owning families, The Destructive Power of Family Wealth contains insight on the needs of today's wealth-owning families, ways in which the tools of wealth planning address those needs and guidance on what it takes to be a successful, trusted family advisor.

Preface xiii

Acknowledgments xvii

About the Author xxi

Introduction 1

Chapter 1 Any Amount of Wealth is Enough to Destroy a Family 7

Chapter 2 The Psychology of Wealth 19

Chapter 3 The Move to Transparency 45

Chapter 4 Understanding the World of Taxation 65

Chapter 5 The Needs of Wealth-Owning Families 95

Chapter 6 The Tools of Wealth Planning 163

Chapter 7 Advisors – We Need Them but Need to Control Them 195

Chapter 8 Getting it Right 215

Addendum: The Need for Dialogue on Tax Transparency 237

Glossary 251

Index 267

PHILIP MARCOVICI is actively involved in education and strategy across the legal and tax spectrum. He has extensive experience advising multinationals, financial institutions and families on the international and domestic aspects of Canadian, Hong Kong and U.S. taxation, as well as on commercial issues relevant to cross-border transactions. He advises clients on issues related to the use of trusts and insurance products and continues to work with governments and international agencies on strategy and treaty negotiations. Among others, a recipient of the Lifetime Achievement Award from the Society of Trust and Estate Practitioners, he teaches widely and is an adjunct faculty member at the Singapore Management University.