Dr. Lee Hausner and Dr. Douglas K. Freeman authored the book “Legacy Families…The Definitive Guide to Creating a Successful Multi-generational Family”.

Dr. Hausner research is centred around well-being for wealthy families, and she defined a Legacy Family as one in its 4th/5th Generation. Legacy Families have four common characteristics:

– Capacity to add value to our society;
– Competency, with the necessary skills and education;
– Connection to their ancestors, and descendants;
– Compassion, being generous of their time, talent and treasure.

The typical Legacy Family has four balanced “capital deposit accounts”:

– Human: parenting and grandparenting skills, communication skills, values, morals, …
– Intellectual: education, career choices, mentoring, coaching, …
– Financial: earn income, invest, wealth transfer strategies, …
– Social: philanthropy.

Legacy Families can follow these suggestions to build each of the 4 capital accounts:
– adopt a process for collaborative decision-making;
– communicate effectively within the family and with stakeholders;
– develop conflict resolution skills;
– share values;
– embrace diversity;
– manage expectations;
– foster financial competency;
– accountability;
– promote heritage and traditions

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