Episode 5

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Published on:

28th Sep 2021

Path to Abundant Living - Episode 5 (The Benefits of a Family Constitution)

One of the biggest concerns facing affluent families is how to manage their wealth so that it achieves many goals. Their focus could be continuing to grow their wealth as it is transferred to younger generations, or aligning the use of that wealth with the values and ideals the family holds dear, or even protecting that wealth from creditors and others who might seek to take it unjustly.

Often the best place to start, is to ensure that your family members are aligned when it comes to key issues. A family constitution can be a great way to get that process going.

In the latest installment of the show, Scott and Matt explore the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing family wealth.

Timecodes:

0:05 - Welcome to the show and overview on the topic

2:20 - The types of challenges arising when families with wealth work together to manage their assets

4:30 - Specific wealth-related issues with families possessing significant assets

5:43 - What families can do to create and maintain harmonious relationships surrounding their wealth

7:07 - How a family constitution works and promotes better relationships across the family

8:48 - How a family would go about drafting this document

11:22 - Who from a given family should be involved in discussing these issues

13:17 - Is this a legal and binding document?

15:00 - How does this document remain relevant over time?

16:35 - Who families can turn to for help with this process

18:47 - Summarizing the benefits of the family constitution

20:59 - Closing remarks


Connect with Scott Morrison and Matt Nordmann:

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Show artwork for Path to Abundant Living

About the Podcast

Path to Abundant Living
What got you here, won't get you there
Welcome to Path to Abundant Living, where we address pertinent topics surrounding wealth management to help better position yourself, your family, and your business for success.

Listen as Scott Morrison and Matt Nordmann, Managing Partners of Morrison, Nordmann & Associates, tap into their wealth of financial experience and address various strategies and services they utilize for their clients.

So sit back, relax, and enjoy intriguing financial conversations that place you on path to abundant living and help you navigate the rest of your life.