In this practical and thoughtful financial guide, a financial adviser who’s worked with many wealthy clients offers advice for passing along a family’s wealth.
Orlando’s debut promotes the idea that while “capital” is generally perceived as meaning financial capital, other capitals—including spiritual capital, human capital, intellectual capital, and social capital—are valuable forms as well. Spiritual capital is one of the most powerful to pass along, he writes, because it drives decisions involving all the other kinds. He compares spiritual capital to a GPS system that helps a driver chart his course and arrive at a desired destination. Solid legacy planning, he believes, is “not about leaving a legacy, but about living our legacy.” The questions he discusses provide an excellent starting point for any family considering its future financial decisions. For instance, do all children get an equal share of the inheritance, regardless of who actually worked in the family business? Do all receive the money at a certain age? Do they receive the inheritance before or after the parents pass on? His wealthy clients have included professional athletes and business owners, and while disguising the details to preserve their privacy, he uses their stories to show how different families make financial decisions. The author’s compassion is evident as he urges clients to consider their values when passing along their money. He writes of one professional athlete whose wife wanted to donate more money to charity. After consulting with the couple, the author realized the athlete was already contributing to various charities by autographing memorabilia and supporting events. When the wife saw the value of these activities and the husband agreed to a “giving budget” his wife could use, it was a win-win for the couple. The well-written book features clear, accessible advice that, though it may be intended for the wealthy, could apply to anyone interested in financial planning.
A valuable tool for those concerned about leaving a legacy, financial and otherwise.