As managing director of 21/64, a non-profit consulting firm assisting multigenerational families and their advisors, I’ve learned that success is achieved when families and advisors are intentional and invest in preparing their next generations for their imminent responsibilities. Over the years, I’ve spoken with thousands of donors who aspire to be effective philanthropists and leave a legacy to their children and grandchildren, yet struggle with how to make that dream become a reality. I’ve also spoken with attorneys who are expert at establishing vehicles to implement their clients’ wishes, yet resist the challenges that can come when successors need to steward those vehicles.
Many matriarchs and patriarchs are motivated to be philan...
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