Overview

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.

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Author Information

Keith Whitaker is an educator and cofounder of Wise Counsel Research. He has extensive experience consulting to leaders of enterprising families, helping to plan succession, develop next-generation talent, and communicate around estate planning. Susan E. Massenzio is a psychologist and cofounder of Wise Counsel Research, a think tank and consultancy. She has extensive experience consulting to senior executives, helping leaders develop effective succession plans. James E. Hughes, Jr., is the author of the book Family Wealth: Keeping It in the Family, and numerous articles on family governance and wealth preservation. He is the founder of a law partnership in New York City, Hughes and Whitaker, specializing in the representation of private clients throughout the world. He frequently facilitates multi-generational family meetings with a special emphasis on mission statements and governance issues. He has spoken frequently at numerous international and domestic symposia on international estate and trust planning. He is a member of the Board of The Philanthropic Initiative, a councilor to the Family Office Exchange, an emeritus faculty member of the Institute for Private Investors, a member of the Board of the Albert and Mary Lasker Foundation, a Senior Dean of the FOX Family Learning Center, and a member of the Board of the FOX Foundation. In addition, Mr. Hughes is an advisor to New Ventures in Philanthropy. He is also a member of the boards of various private trust companies, an advisor to numerous investment institutions and a member of the editorial boards of various professional journals. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones, Day, Reavis and Pogue. He is a graduate of the Far Brook School, the Pingry School, Princeton University, and the Columbia School of Law.

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