A Family Wealth StatementSubmitted by LWM | Linden Wealth Management LLC on June 1st, 2017
Does your wealth have a higher purpose? It's a question worth considering. By taking the time to collectively define and document an objective for your family's wealth, you can lay a foundation for enduring values, a smooth wealth transition, and a lasting legacy.
Beliefs and values are most often passed down through generations. As wealth accumulates there is a special opportunity to further shape, influence, and prioritize your family's values.
1. Reflect on your family history. Pick a handful of anecdotes that reveal your family's financial journey and core values. Go back several generations and work forwards. Consider crucial decisions, hardships overcome, lessons learned, guiding principles and values you want to carry forward.
2. Formulate a family mission statement. Weigh the importance of issues such as:
Lifestyle Education Philanthropy Family business Asset growth/preservation Accountability
Family bonding Community Entertainment Future generations Individual initiative Religion
Sample mission statements:
“We want our capital to allow family members, including our direct heirs and their children, to be able to find their passion and pursue it with excellence."
“Our family mission is one of living by our guiding principles and building family unity in pursuit of personal and financial growth. This includes prudent financial investments and service to others while creating our legacy and having fun together.
Our guiding principles: A healthy way of life; an appreciation of Mother Earth; and an emphasis on humor, positive thinking, and the value of hard work."
“We are committed to family bonding, community outreach, and fun. We grow the family assets and provide for the family’s education, career development, and security.
Education: Attendance at an accredited institution offering academic or vocational training."