Estate Planning & Family Legal Issues
Please browse the Resources shown on these pages or select one of these categories to search for specific topics:
Wealth 3.0 Article Focuses on Legal Services
Trusts & Estates magazine published a third major article discussing the tenets of Wealth 3.0, focusing on the unique skills and procedures that attorneys must have when working in an UHNW or family office system. Authored by Jim Grubman with renowned attorney Kim Kamin, “How to Be a Wealth 3.0 Attorney” addresses the many questions that lawyers have about collaborating in a team environment.
Prior articles include “Wealth 3.0 in Practice” from 2023 and the inaugural article “Wealth 3.0: From Fear to Engagement for Families and Advisors” published in 2022.
The Financial Skills Trust
(opens in new tab)In this two-part series from the Journal of Financial Planning, two wealth consultants (Jim Grubman and Eileen Gallo) and a prominent attorney (Jon Gallo) propose a fresh way to look at incorporating modern principles of financial education with careful trust design.
Part I(opens in new tab) outlines the many problems inherent in incentive trusts and offers a much more helpful alternative: the Financial Skills Trust (FST). This approach to trust design integrates estate planning with what experts have learned over the past thirty years about the most important financial skills needed in adult life.
(opens in new tab) Part II(opens in new tab) further delineates the principles and procedures behind the Financial Skills Trust and the Results-Oriented Trust Environment™ (ROTE™). The FST helps provide a thoughtful solution to the dilemmas of “fair versus equal” in estate planning for parents when most heirs show responsible financial behavior but at least one does not. The FST has been implemented in many estate plans since its first description back in 2010.
Contact Me
Dr. Grubman is no longer accepting new consulting engagements with clients. He welcomes correspondence from individuals, advisors, and colleagues exploring the ideas in his books, publications, and presentations.