Presenters:
John W. Ambrecht, Esq.
Ambrecht & Cummins, LLP
California Trust and Estate Counsellors, LLP
California Family Business Institute, LLC
Santa Barbara, CA
Ralph M. Daniel, Ph.D.
Center for Family Business Dynamics
California Family Business Institute, LLC
Santa Barbara, CA
E. Howland Swift, CFRE
The Magellan Group
Santa Barbara, CA
I. Introduction
An example where wealth creates complications in family characteristics
(with video clips from "The Vanderbilts, An American Dynasty," a "Biography" film).
II. The Inheritor's Syndrome
What is the Inheritor's Syndrome?
Key family characteristics that increase the likelihood that heirs may be afflicted with some aspect of the Inheritor's Syndrome.
What can the family do to avoid the Inheritor's Syndrome? (See article from Forbes, June 19, 1995, "The Perils of Family Money.")
How to structure the charitable entity for an inheritor for maximum financial and characterlogical development:
- A private foundation
- A CRT and Trust with payments to an Irrevocable Trust (See PLR's 9328041, 9619042 and compare PLR 9710008)
- Charitable asset investments: How much involvement by the inheritor?
- Charitable distributions: Delegating responsibility
III. Conclusion
The contents of this publication are for information purposes only and are not meant nor should be construed to be legal advice. Note, also, the date of the document. Laws are constantly changing, and are subject to differing interpretations. We, therefore, urge you to do additional research or to contact your own legal or tax counsel before acting on the information contained herein.
This article: www.taxlawsb.com/resources/FamBus/charitbl.htm
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