Book description
A comprehensive guide to giving well to family members
Giving is at the core of family life--and with current law allowing
up to ,120,000 in tax-free gifts, at least through December 2012, the
ultra-affluent are faced with the task of giving at perhaps largest
scale in history. Beyond the tax saving and wealth management
implications, giving to family members opens up a slew of thorny
questions, the biggest of which is, "How do I prepare recipients
of such large gifts?" With that question and others in mind,
Hughes, Massenzio, and Whitaker have written The Cycle of the
Gift in three main parts: "The Who of Giving," "The
How of Giving," and "The What and Why of Giving." The
first part focuses on 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 their gifts. 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. Even families without great
wealth--or those who have already made large gifts to their children
and grandchilren--can benefit from the human wisdom and practical
advice found in The Cycle of the Gift.
James E. Hughes Jr., Esq., is a resident of Aspen, Colorado,
and a retired attorney. Jay is the author of Family Wealth: Keeping
It in the Family, and of FamilyÂ-The Compact Among
Generations, and numerous articles on family governance and wealth
preservation as well as a series of "Reflections" which can
be found on the Articles section of his website jamesehughes. com. He
was the founder of a law partnership in New York City and has spoken
frequently at numerous international and domestic symposia. He is a
member of various philanthropic boards and a member of the editorial
boards of various professional journals.
Dr. Susan E. Massenzio is a psychologist and founding Associate
of Wise Counsel Research Associates, a think-tank and consultancy.
Susan has extensive experience consulting to senior executives,
leadership teams of Fortune 500 companies, and heads of family
businesses. Susan served for many years as the senior psychologist for
John Hancock Financial Services, a senior vice president at Wells
Fargo Family Wealth, and professor and program director at
Northeastern University. Susan is a member of the Collaboration for
Family Flourishing.
Dr. Keith Whitaker is an educator and founding Associate with
Wise Counsel Research Associates, a think-tank and consultancy. Keith
has many years' experience consulting with advisors to and leaders of
enterprising families. Keith served as a managing director at Wells
Fargo Family Wealth, where he founded the innovative Family Dynamics
Practice. He has also served as a researcher at the Center on Wealth
and Philanthropy, a private trustee, a director of a private
foundation, and a philosophy professor at Boston College.
