{"product_id":"family-trusts-isbn-9781119118268","title":"Family Trusts","description":"\u003cp\u003e\u003cb\u003eAn insightful and practical guide to family trusts\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eFamily Trusts\u003c\/i\u003e is a step-by-step guide for anyone involved in family trusts: trust creators, trustees, beneficiaries, and advisors. It will help families create and administer a culture that recognizes trusts as a gift of love.\u003c\/p\u003e \u003cp\u003eMarrying the practical and emotional aspects of family wealth, this book provides a hands-on primer that focuses on fostering positive relationships, and structuring the trust appropriately for the situation and the people involved. It tackles difficult topics with frank and honest discussion, from the first beneficiary meeting to working with addictions, and more. Written by a team of experts in family wealth, this information is becoming increasingly crucial to the successful execution of a trust; you'll learn what type of person makes the best trustee, how to be an excellent beneficiary, and the technical aspects that help you build a better trust from the very beginning.\u003c\/p\u003e \u003cp\u003eThere's been a staggering increase in trustee\/beneficiary litigation and hostility, but that doesn't mean it's inevitable. Plenty of trusts are running smoothly, with positive experiences on all sides. This book shows you how to set up your trust to succeed from the start, with step-by-step guidance and expert insight.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eExpress clear and thoughtful intent for the trust\u003c\/li\u003e \u003cli\u003eCreate a healthy and supportive culture\u003c\/li\u003e \u003cli\u003eSelect the right trustee, trust protector, and trust advisor\u003c\/li\u003e \u003cli\u003eTake the time to prepare before initially meeting the beneficiary\u003c\/li\u003e \u003cli\u003eConduct a productive first meeting to set a tone for the relationship\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eHistorically, there has been little consideration given to the culture of trusts, and this oversight may be a key driver of the behavior that's becoming more prevalent. \u003ci\u003eFamily Trusts\u003c\/i\u003e explores the nature of these relationships, and shows you how to build a trust that retains the nature and spirit with which it was intended.\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eForeword xvii\u003c\/p\u003e \u003cp\u003ePreface xxv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction 1\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eKeith Whitaker\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003ePrinciples 3\u003c\/p\u003e \u003cp\u003eNotes 13\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One: Introducing the Trustscape 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Navigation Works Better When You Have a Destination in Mind 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBeyond the Thought Experiment 20\u003c\/p\u003e \u003cp\u003eQuestions for Reflection 22\u003c\/p\u003e \u003cp\u003eNote 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Trustscape 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroducing Your Trustscape 25\u003c\/p\u003e \u003cp\u003eA Dynamic Tableau 26\u003c\/p\u003e \u003cp\u003eA Closing Exercise 27\u003c\/p\u003e \u003cp\u003eNote 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Some Key Terms 29\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Know Your Narratives 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDepends Where You’re Sitting 35\u003c\/p\u003e \u003cp\u003eA Thirst for Education 36\u003c\/p\u003e \u003cp\u003eNote 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two: The Players 41\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 The Trust 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Short Description of a Long History 44\u003c\/p\u003e \u003cp\u003eA Closing Exercise 47\u003c\/p\u003e \u003cp\u003eNotes 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 The Trustee 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Trustee 52\u003c\/p\u003e \u003cp\u003eChoices 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Beneficiaries and Trust Creators 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBeneficiaries 62\u003c\/p\u003e \u003cp\u003eTrust Creators 66\u003c\/p\u003e \u003cp\u003eNotes 75\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 The Trust Protector and the Trust Adviser 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrust Advisers 78\u003c\/p\u003e \u003cp\u003eTrust Protectors 79\u003c\/p\u003e \u003cp\u003eChoices 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three: Building Great Relationships 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Considerations Prior to Accepting Appointment as Trustee 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSo—You’ve Been Asked to Serve as Trustee 89\u003c\/p\u003e \u003cp\u003eNow for Some Homework 89\u003c\/p\u003e \u003cp\u003eIf You are New to the Trustscape 90\u003c\/p\u003e \u003cp\u003eUnderstanding the Technical Side 91\u003c\/p\u003e \u003cp\u003eAlmost There 93\u003c\/p\u003e \u003cp\u003eA Final Step 94\u003c\/p\u003e \u003cp\u003eNote 95\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Creating Preambles 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePreambles and Purpose 98\u003c\/p\u003e \u003cp\u003e“But My Trust Was Drafted 20 Years Ago!” 100\u003c\/p\u003e \u003cp\u003eThemes and Schemes 101\u003c\/p\u003e \u003cp\u003ePreambles Created by Trustees and Beneficiaries 102\u003c\/p\u003e \u003cp\u003eRevisit the Preamble 103\u003c\/p\u003e \u003cp\u003eAs You Begin to Create Your Preamble 104\u003c\/p\u003e \u003cp\u003eNote 105\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Action Steps Prior to the First Trustee-Beneficiary Meeting 107\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIf You are a Trustee 108\u003c\/p\u003e \u003cp\u003eIf You are a Beneficiary 110\u003c\/p\u003e \u003cp\u003eNote 113\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter is Positive Events, Supportive Responses 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMatching Mind-set to Task 116\u003c\/p\u003e \u003cp\u003eSupportive Responses to Positive Events 119\u003c\/p\u003e \u003cp\u003ePlay to Your Strengths 121\u003c\/p\u003e \u003cp\u003eNotes 122\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Trustee-Beneficiary Meetings 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePremeeting Checklists 124\u003c\/p\u003e \u003cp\u003eIf This is the First Meeting 126\u003c\/p\u003e \u003cp\u003eA Sampling of Agenda Items 128\u003c\/p\u003e \u003cp\u003eAn “Appreciative” Exercise 130\u003c\/p\u003e \u003cp\u003eNote 131\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Requests for Distribution 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“This Worked because I Knew Susan . . .” 135\u003c\/p\u003e \u003cp\u003eThe Request Process 137\u003c\/p\u003e \u003cp\u003eAnalysis of a Request 139\u003c\/p\u003e \u003cp\u003eAbout Enhancement 142\u003c\/p\u003e \u003cp\u003eNote 143\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Working with Addictions 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Trusts and Marriage 153\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrenuptials 154\u003c\/p\u003e \u003cp\u003eWithin Marriage 157\u003c\/p\u003e \u003cp\u003eSecond Marriages and Beyond 161\u003c\/p\u003e \u003cp\u003eNotes 163\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Transitions 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSolomon’s Ring 165\u003c\/p\u003e \u003cp\u003eThis Too Shall Pass 166\u003c\/p\u003e \u003cp\u003eChanging the Trust 167\u003c\/p\u003e \u003cp\u003eChanging the Players 169\u003c\/p\u003e \u003cp\u003eComing to an End 171\u003c\/p\u003e \u003cp\u003eNote 173\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four: A Comprehensive Model for a Humane Trustscape 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 A Promise and a Challenge for Trust Creators 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Trust Creator’s Challenge 178\u003c\/p\u003e \u003cp\u003eFirst, an Exercise for Trust Creators 179\u003c\/p\u003e \u003cp\u003eNote 180\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 The Highest Duty of the Trustee and the Corresponding Responsibility of the Beneficiary 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eI Wrote These Great Docs, but My Clients Won’t Sign . . . 183\u003c\/p\u003e \u003cp\u003eThe Highest Duty of the Trustee and the Corresponding Responsibility of the Beneficiary 184\u003c\/p\u003e \u003cp\u003eSupport for the Trustee 186\u003c\/p\u003e \u003cp\u003eSupport for the Beneficiary 188\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20 The Distribution Committee and the Office of the Beneficiary 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDistribution Committee 192\u003c\/p\u003e \u003cp\u003eThe Office of the Beneficiary 195\u003c\/p\u003e \u003cp\u003eConclusion 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21 The Trustee and the Trust Protector Revisited 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhich Cap’s on Top? 205\u003c\/p\u003e \u003cp\u003eA Different Approach 206\u003c\/p\u003e \u003cp\u003eReconsidering the Institutional Trustee 209\u003c\/p\u003e \u003cp\u003eNote 211\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendices 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix 1 Sample Legacy Letter 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix 2 Sample Language Regarding Addiction 223\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix 3 The Distribution Committee 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Core Concept 236\u003c\/p\u003e \u003cp\u003eCommittee Members 237\u003c\/p\u003e \u003cp\u003eDrafting Points 238\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix 4 Private Trust Companies \u003c\/b\u003e\u003cb\u003e243\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefinitions 243\u003c\/p\u003e \u003cp\u003ePTCs versus Individual Trustees 244\u003c\/p\u003e \u003cp\u003eGovernance 246\u003c\/p\u003e \u003cp\u003eBest Practices 248\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix 5 Family Trust Review 253\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePurpose 253\u003c\/p\u003e \u003cp\u003eContent 253\u003c\/p\u003e \u003cp\u003eProcess 254\u003c\/p\u003e \u003cp\u003eWhy Commission a Family Trust Review? 254\u003c\/p\u003e \u003cp\u003eOpportunities for Commissioning a Family Trust Review 255\u003c\/p\u003e \u003cp\u003eNote 256\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix 6 Reflections on the Often Unexpected Consequences of the Creation of a Perpetual Trust 257\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eBy James E. Hughes Jr., Esq.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eNotes 273\u003c\/p\u003e \u003cp\u003eAbout the Authors 275\u003c\/p\u003e \u003cp\u003eIndex 279\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eHARTLEY GOLDSTONE, JD, MBA,\u003c\/b\u003e works with institutional and individual trustees, family offices, and beneficiaries in all stages of life to identify—and then achieve—positive possibilities in the relationship between beneficiary and trustee. A Research Fellow with Wise Counsel Research, Hartley is the co-author of \u003ci\u003eTrustWorthy: New Angles on Trusts from Beneficiaries and Trustees\u003c\/i\u003e, and a popular speaker about flourishing “trustscapes.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003eJAMES (Jay) E. HUGHES, J\u003csmall\u003eR\u003c\/small\u003e.,\u003c\/b\u003e is the author of the acclaimed classics \u003ci\u003eFamily Wealth\u003c\/i\u003e and \u003ci\u003eFamily: The Compact Among Generations,\u003c\/i\u003e and the co-author of \u003ci\u003eThe Cycle of the Gift: Family Wealth and Wisdom \u003c\/i\u003eand\u003ci\u003e The Voice of the Rising Generation.\u003c\/i\u003e He has also written numerous articles on family governance and wealth preservation. A Research Fellow with Wise Counsel Research, Jay is a frequent speaker at symposia on the growth of families’ human, intellectual, social, spiritual, and financial capital. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eD\u003csmall\u003eR\u003c\/small\u003e. KEITH WHITAKER \u003c\/b\u003eis founding president of Wise Counsel Research, a think tank devoted to studying wealth and philanthropy. Keith has many years’ experience helping enterprising families communicate around estate planning and charitable giving. His writings have appeared in \u003ci\u003eThe Wall Street Journal, The New York Times,\u003c\/i\u003e and the \u003ci\u003eFinancial Times\u003c\/i\u003e. Keith is the co-author of \u003ci\u003eThe Cycle of the Gift: Family Wealth and Wisdom\u003c\/i\u003e, \u003ci\u003eThe Voice of the Rising Generation: Family Wealth and Wisdom, \u003c\/i\u003eand \u003ci\u003eWealth and the Will of God\u003c\/i\u003e.   \u003c\/p\u003e\u003cp\u003eA trust is a not a document or a receptacle. It is a relationship, aimed at benefiting someone’s life. Why, then, do 80 percent of trust beneficiaries view their trusts as burdens and not blessings? The authors believe that lack of attention to the human realities of trusts is to blame. \u003ci\u003eFamily Trusts \u003c\/i\u003echallenges the disappointing status quo with new recommendations for building trusts that preserve the hopes of their creators and support the dreams of their beneficiaries.  \u003c\/p\u003e\u003cp\u003eMost trusts are formed to save taxes, protect against creditors, and exert control over property. As important as these largely quantitative goals are, they ignore and often impede trusts’ qualitative possibilities. This revolutionary guide lays out sound practices for trustees, trust protectors, and trust creators to develop flourishing beneficiaries. It shows trustees how to manage their fiduciary risks by taking concrete steps to get to know beneficiaries and address their concerns. It also opens the eyes of beneficiaries and trust creators to the higher purpose that trusts can achieve, where dynamic distributions promote beneficiary growth and independence rather than perpetuate a “trust-fund baby” distribution-dependency. Whether your trust is already established or you’re planning to create trusts, this deeply practical guide shows you how to: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eCommunicate clearly and effectively with beneficiaries at various stages of their development and at various stages in the trust’s own life\u003c\/li\u003e \u003cli\u003eMake prudent distributions to promote beneficiaries’ growth\u003c\/li\u003e \u003cli\u003eThoughtfully prepare for the creation of new trusts or the termination of old ones\u003c\/li\u003e \u003cli\u003eRestructure the roles of trustee and trust protector to manage risk and reduce the likelihood of conflict\u003c\/li\u003e \u003cli\u003eWherever you are in the trustscape, you can have a more rewarding experience with \u003ci\u003eFamily Trusts\u003c\/i\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989197144293,"sku":"NP9781119118268","price":42.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119118268.jpg?v=1761783171","url":"https:\/\/k12savings.com\/es\/products\/family-trusts-isbn-9781119118268","provider":"K12savings","version":"1.0","type":"link"}