law

Reading James E. Hughes Jr.'s book is like sitting down in an easy chair with brass rivets gleaming in burgundy leather, in a trusted old family friend's parlor, to obtain a kindly word of advice. You can almost smell the pipe tobacco and taste the brandy as you read. Hughes gently and wisely guides people who want to preserve their family's wealth on how to think beyond the current fiscal year. This book is genuine and straightforward, with insights gained over many years. Hughes covers creating a family mission statement, instituting a family bank or private trust company, mentoring the next generation, family governance, philanthropy and much more. His most important contribution, however, is the perspective he offers on the human side of the equation. Even the richest families are doomed to squander their inheritances, he cautions, unless they recognize the importance of the intellectual and human development of their family members. We highly recommends this book of sage advice to anyone who hopes to keep it all in the family.

I've read a lot of books and recommended them to my friends and family. This one, I bought for my partners and family. As someone who deals daily with great family wealth, it is invaluable to learn from the experiences of others. There is a wealth of ideas in this book, not just for those with great financial assets, but for those families with great human capital. I would recommend it for anyone who deals with family wealth: attorneys, CPA's, trust officers, and members of families who want to preserve their family wealth (financial, human or intellectual capital).

As a great philosopher once said "I am not ashamed to say that I have learned the good news of the truth and am called to proclaim it to others." The truth is Family Wealth: Keeping It In The Family, is the clear result of the author's extensive discernment and constitutes that rare slice of my profession which rises to the level of a ministry. The beauty of this work lies in the author's ability to state concepts with such simplicity and flow, the reader may be lead to conclude "these insights are so patently obvious I should have discovered them myself." Many of us in the estate planning profession, however, have not previously done so. Having invested 20 years in this profession I can attest that many people with reasonable career abilities can accumulate considerable sums of wealth. Moreover, a reasonably competent estate planning attorney can draft the business and estate planning documents to pass that wealth from one generation to the next. Yet after reading Mr. Hughes' book twice (and garnering increasing insights and applications after each journey) it is manifest that merely fulfilling the professional expectations taught in law school will henceforth be insufficient to deal with the interpersonal dynamics and relationship issues which must be addressed in order to wealth preserve. Moreover, this process must be rekindled and nurtured at each generation level. I now understand that to be a truly excellent estate planner, the issues in this book must be addressed by estate planner and client. Your clients need not have the wealth of a Warren Buffett or Bill Gates to benefit from the wisdom of this book and I hope it will raise the standards for the profession as a whole as it did for me.

Douglas E. Barnes, Trust Officer and member, State Bar of Wisconsin.