Parenting with Wealth
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Helping Grandchildren (and Children) Learn Good Money Skills
(opens in new tab)Great role models can help foster crucial skills and attitudes about money for the next generation. This article(opens in new tab) for the Pitcairn Family Offices client newsletter provides down-to-earth advice for grandparents wanting to help their grandchildren learn about money and ultimately about wealth. It applies equally well to parents looking to build money skills with their young children.
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.
Family Money: Something Secret or Simply Private?
(opens in new tab)Affluent parents possess much information that children eventually need to know. Yet, many families avoid talking about money. Some families think it is wrong, some worry about the consequences, many just don’t know what to say. Unfortunately, staying silent about this important topic can have far-reaching consequences. Children are left in the dark about how to think about money or handle their finances, creating needless mystery and anxiety around money. This article(opens in new tab) helps clarify the differences between healthy privacy and unhealthy secrecy, allowing families to face anxieties and break the silence around money.
Wealth, Entrepreneurs, ADHD, and Learning Difficulties
(opens in new tab)The broad population of affluent families contains many high-achieving individuals with ADHD and/or learning disorders (LD). In what is still one of the few published articles(opens in new tab) on this important topic, Dr. Jim Grubman and fellow neuropsychologist Dr. Jerry Schultz discuss one family’s situation and how the strengths and stresses of ADHD/LD can be managed successfully in wealth management.
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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.