The Cycle of the Gift: Family Wealth and Wisdom

by James E. Hughes Jr., Susan E. Massenzio, Keith Whitaker

A comprehensive guide to giving well to family membersGiving is at the core of family life--and with current law allowing up to $5,120,000 in tax-free gifts, at least through December 2012, the ultra-affluent are faced with the task of giving at perhaps largest scale in history. Beyond the tax saving and wealth management implications, giving to family members opens up a slew of thorny questions, the biggest of which is, "How do I prepare recipients of such large gifts?" With that question and others in mind, Hughes, Massenzio, and Whitaker have written The Cycle of the Gift in three main "The Who of Giving," "The How of Giving," and "The What and Why of Giving." The first part focuses on the people most deeply involved in family giving, especially the recipients and givers (parents, grandparents, spouses, trustees). The second part, "The How of Giving," addresses the delicate balance of givers who want to maintain some level of control and recipients who want some level of freedom in accepting and growing their gifts. The final part, "The What and Why of Giving" describes various types of gifts, from money to business interests to values and rituals. The authors also introduce their "family bank" concept as a model that combines loans, trusts, and outright gifts. It embodies a framework and set of practices for long-term family growth. Even families without great wealth--or those who have already made large gifts to their children and grandchilren--can benefit from the human wisdom and practical advice found in The Cycle of the Gift.

Genres: Business, Nonfiction

192 pages, Kindle Edition

First published October 17, 2012

Reviews

[Kara of BookishBytes · Rating 5 out of 5]

An excellent book on wealth transfer and legacies. The authors don't limit their discussion to financial legacies only, but consider the values and expectations they want their descendants to inherit. Great financial advice, great charitable giving advice and great advice on the importance of family relationships and personal ties. Lessons from this book are valuable for everyone who wants to leave a legacy of any kind.

[Sally Blaze · Rating 3 out of 5]

Some very relevant information and questions to ponder.

[Matt Heavner · Rating 4 out of 5]

Thought provoking read on gifts, especially family and multi-generational estate giving. Interesting ideas. Definitely worth re-reading. At some points it felt to prescriptive rather than meditative.

[D. L. · Rating 4 out of 5]

A must read for all planned giving professionals.