The Benefits of a Family Constitution

Lessons by the Lake: The Oswego Private Wealth Show

One of the biggest concerns facing affluent families today is how to manage their wealth so that it achieves many goals. From continuing to grow their wealth as it's transferred to younger generations, to aligning the use of that wealth with the values and ideals the family holds dear, to protecting that wealth from creditors and others who might seek to take it unjustly. Often the best place to start is to ensure that your family members are aligned and “on the same page” when it comes to key issues.

In the latest installment of Lessons by the Lake, Bob highlights the benefits of utilizing a family constitution and how this can be a great way to establish continuity among family members when it comes to their views on the family's wealth.

Enjoy yet another beneficial conversation that's sure to leave you with some takeaways or considerations for your own family's circumstances!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:51 - The challenges that arise when families with significant assets work together to manage them

4:28 - An overview on the Family Constitution and how it works

7:10 - How a family should go about drafting a family constitution for their situation

10:57 - Who from a given family should be involved in these discussions?

14:12 - These are not legally binding documents

15:17 - Who families can turn to with help in maintaining the family constitution over time

18:19 - How to get in touch with Bob and his team at Oswego Private Wealth Management

20:15 - Closing remarks

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