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v8 David York - Upcycling Wealth

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Transcript of v8 David York - Upcycling Wealth

Andrux - Own work (attribute Nobel image)
https://commons.wikimedia.org/wiki/File:Nobel_prize_for_J.Rothman._Sthlm2013.JPG
Jericho - Own work ($ image)
https://commons.wikimedia.org/wiki/File:Nobel_prize_for_J.Rothman._Sthlm2013.JPG
biltmore estate: https://commons.wikimedia.org/wiki/File:Biltmore_Estate.jpg
http://allaboutstevejobs.com/pics/picturesofsteve/picturesofsteve_01.php
https://www.flickr.com/photos/acaben/541326656
need to credit "revolutionary" steve jobs pic (all over the interwebs)
A person’s wealth can be summarized on a balance sheet.
What is your
net worth
?
What do you plan on leaving as an
inheritance
?
"The Merchant of Death is Dead"
Wealth
Experiences • Skills & Abilities • Knowledge • Narrative Wisdom
$177,000
$185,000,000,000
?
$177K
$40,000,000,000,000
216
X
picture: https://commons.wikimedia.org/wiki/File:Tunnel_de_Vierzy_entr%C3%A9e_nord-est.jpg
Wealth
Benefit
Wealth
Benefit
What is your
net worth
?
What do you plan on leaving as an
inheritance
?
Three Fundamental Assumptions
A person’s wealth can be summarized on a balance sheet.
If transferring some financial wealth is good than transferring more is better.
The first place you should go to do your estate planning is an estate planner.
A person’s wealth
cannot simply
be summarized on a balance sheet.

Just because transferring some financial wealth is good
does not mean
that transferring more
is better.
An estate planner should be the
last person
you should go to do
estate planning.
Cost of Engagement Ring
Length of Marriage
0
5
25
10
15
20
$8,000+
$4,000
$2,000
$6,000
WHY
HOW
÷
Family Trust
CURRENT ESTATE PLANNING MODEL
Asset Focused

Tool Driven

Generic

Static
WHAT PEOPLE WANT TODAY
Beneficiary Focused

Purpose Driven

Customized

Dynamic
Entrusted families know who they are and what they believe.
DISCIPLINE 1
Entrusted families prepare the family for the wealth and not just the wealth for the family.
DISCIPLINE 2
Entrusted families focus on flint and kindling, not on the fire.
DISCIPLINE 4
Entrusted families maximize the positive benefits of wealth and minimize the negative effects.
DISCIPLINE 3
Entrusted families are generous.
DISCIPLINE 5
Entrusted Families Preserve and Protect Wealth.
DISCIPLINE 6
Entrusted families design and implement dynamic governance.
DISCIPLINE 7
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Entrusted Families Preserve and Protect Wealth.
DISCIPLINE 6
Putting It All Together
BUILDING BRIDGES BETWEEN THE GENERATIONS
7 DISCIPLINES
STAGE ONE
DESIGN & ALIGN
STAGE TWO
TOWER BUILDING
STAGE THREE
CONNECT & IMPLEMENT
STAGE FOUR
MAINTENANCE

1. Identify the family’s principles and core values
2. Draft a family mission statement and vision statement
3. Determine to what extent there are any dangers, risks, or obstacles to achieving the intangibles
4. Begin to identify how the family’s tangible wealth could be used to maximize the multi-generational benefit
To capture and articulate the family’s human capital/intangible assets and develop a plan of aligning the intangible with the tangible and determine what tools can be used to best accomplish the task. This stage would include identifying the family’s individual and shared core values, developing a Mission Statement, Vision Statement, and Motto, as well as performing an overall review and analysis of the family from a relational, trust, and communications standpoint.

1. Review assets, businesses, legal structure and current estate planning
2. Identify and review closely held business interests and/or other legacy assets
Financial Assets (Tangibles)
Human Capital (Intangibles)
Objective of Stage One:
Outside Professionals:
Family Coach and Attorney

1. Finalize intangibles and develop family logo and branding
2. Capture family story
3. Determine where the family sits on the Inverted U curve and develop a plan for the family’s wealth
4. Identify and utilize family counseling or outside assistance if needed to deal with specific issues
5. Review ownership of assets and align with Intangibles
6. Begin to outline a plan for governance
Parent’s Tower (Chapters 4, 5, 6, and 7)

1. Education and Leadership. Use retreats and training with a focus on financial education and life skill training for children from age 5 and up. Sessions would be age specific and tailored to provide a substantive overview of key financial, life, and legal issues.
2. Begin to develop a culture of generosity.
Children’s Tower (Chapters 3 and 6)
To prepare both the parents and the children to be able to build the bridge and support the load.
Objective of Stage Two:
Outside Assistance:
Family Coach, Biographer/Videographer, Marketing Team, Educators, Accounting, and Legal

1. Family is brought together and biography is rolled out
2. Multi-generational wealth and governance plans are presented so children can know what to expect and what not to expect
3. Plan for generosity is developed and implemented
To connect the family together, finalize, and implement the plan
Objective of Stage Three:
Outside Assistance:
Family Coach and Attorney

1. Review and update family vision statement, mission statement, core values, and estate plan.
2. Family biography is updated
3. Supplemental education and training for successive generations
Objective of Stage Four:
Outside Assistance:
Family comes together on a regular basis (annually) to:
$
$
?
?
?
?
$
Door 1
Door 2
Door 3
?
DISCIPLINES
7
$
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