John Singleton Copley, The Copley Family, 1776 to 1777. National Gallery of Art, Washington (CC0)
Bloomberg Press
Family Wealth: Keeping It in the Family
How family members and their advisers preserve human, intellectual and financial assets for generations.
$35.00
Available · worldwide delivery
The maison’s noteWikipedia page may not exist; fall back to publisher (Wiley/Bloomberg)
- Author
- James E. Hughes Jr.
- Publisher
- Bloomberg Press
- Published
- January 2004
- Pages
- 0
- Format
- Hardcover
- Size
- Standard
- Language
- English
The Library Essay
The Fortune Is the Family, Not the Money
James Hughes practised estate law in New York for decades, and watched the proverb about shirtsleeves to shirtsleeves in three generations come true in family after family. His answer, first circulated privately in 1997 and published in a revised edition by Bloomberg in 2004, is that families fail when they define their wealth as money. The durable families he served kept accounts of three capitals, human, intellectual and financial, and treated the financial one as the least of these.
The book reads less like a planning manual than like a set of considered judgements from long practice, on governance, on trusts, on what an inheritance does to the person who receives it. It has become the founding text of a whole professional field, usually called family wealth advising, that scarcely existed before it.
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