Wealth

By Michael Hartley CFP® | Cultivating Change LLC curated information about the challenges and rewards of thoughtful financial, estate, life, and legal planning. CultivatingChange.com

Why You Should Stop Using The Term 'Wealth Creator'

The term “wealth creator” is commonly used by wealth managers and estate planners to refer to the individual who is responsible for creating his or her family’s wealth. They are the “first generation” of wealth in the old adage of “shirtsleeves to shirtsleeves in three generations”—a saying used in …

Entrepreneurship

These are the countries where the number of ultra-rich people is growing the fastest

The number of ultra-rich people in certain countries has risen sharply in recent years and, though Asia is home to some of the planet's poorest countries, it seems the continent is also where you'll find a growing number of millionaires over years to come.<p>According to the World Ultra Wealth Report …

Swat Valley

The Super Rich of Silicon Valley Have a Doomsday Escape Plan

Wealthy Americans have stepped up investment in New Zealand. Parliament votes to ban foreigners from buying bolt-hole homes.<p>By Olivia …

Silicon Valley

Judge appoints bank trustee for Hawaiian heiress' millions

HONOLULU (AP) — A 92-year-old Native Hawaiian heiress doesn't have sufficient mental capacity to manage her $215-million trust, a judge ruled Monday in a bitter case that has raised allegations her wife is trying to wrestle control over her assets.<p>Abigail Kawananakoa inherited her wealth by being …

Native Hawaiians

How to plan for wealth that lasts for generations

<i>How do I talk to my grown children about how to handle the money they will inherit? How can I ensure the wealth will last for them and beyond?</i><p>It's not hard to come by financial advice on how to grow and preserve your wealth. Multi-family offices are a one-stop shop for various financial needs like …

Siblings

Family Office Compensation Benchmark, UK - 2018

To order our full report which covers basic salaries for a full range of roles within a family office and much more:<p>Basic Salaries and Average bonus …

Compensation

Hong Kong Overtakes New York to Claim Largest Ultra-Wealthy Population

By<p>Sept. 5, 2018 5:19 p.m. ET<p>The world’s ultra-wealthy population rose sharply in 2017, thanks to the auspicious global economic climate, robust asset …

Hong Kong

Tech billionaires are buying doomsday bunkers in New Zealand

When the zombies come, when the bombs fall, or when biological warfare breaks, where will you go?<p>If you’re a wealthy tech executive in Silicon …

Silicon Valley

Global Single-Family Offices Are Buying Up Companies Throughout The World

The super-rich (net worth = $500 million or more) through their single-family offices are using a significant and increasing slice of their enormous wealth to acquire businesses throughout the world. According to Angelo Robles, founder and CEO of the Family Office Association and author of <i>Effective</i> …

Bay Street

Wealth Of Tycoons On 2018 Forbes Philippines Rich List See Volatile Year

<b>SINGAPORE (September 6, 2018) –</b> Rankings of the top 50 richest on the 2018 Forbes Philippines Rich List face volatility, as 19 tycoons saw their net worth shift 20% or more over the past year. The complete list can be found here and in the latest issue of Forbes Asia, available on newsstands …

How Brad And Angelina Are Using Intra Family Loans To Manage Their Divorce

Breaking up is hard to do and apparently that is the case with Brad Pitt and Angelina Jolie. In the two years since their split, a heavy drama has played out in the press. Amidst their recent public skirmishes an interesting fact appeared: Pitt had made a loan to Jolie for $8 million dollars to buy …

Angelina Jolie

Jeff Bezos is the richest person alive — here's how he makes and spends his billions

Jeff Bezos, founder and CEO of ecommerce giant Amazon, is the wealthiest person alive and the first person in modern history to accumulate a fortune of over $100 billion.<p>Bezos has an estimated net worth of $156 billion, according to Forbes, largely from his holdings in Amazon. From real estate to …

Business

Beyoncé is worth $355 million — see how she spends it on lavish mansions, yachting vacations, and a private jet for Jay-Z

Beyoncé is serious goals.<p>Not only does she have killer looks and a voice to match, she's one-half of a power couple, dominates the music industry, and embodies female empowerment. It also doesn't hurt that she has an estimated net worth of $355 million, according to Forbes.<p>And after working hard to …

Real Estate

Why Prosperity Has Increased but Happiness Has Not

In 1990, Prime Minister Margaret Thatcher of Britain was challenged by a Labour member of Parliament on the subject of growing inequality. “All levels of income are better off than they were in 1979,” she retorted. “The honorable member is saying that he would rather that the poor were poorer, …

Brookings Institution

6 States That Tax the Daylights Out of the Rich

Living in any of these six states as a top income earner could prove painful to your pocketbook.<p>Let's face facts: No one likes paying tax to Uncle …

This royal family’s wealth could be more than $1 trillion

The British royal family has an estimated net worth of $88 billion, according to business consultancy firm Brand Finance. Still, that monarchy is far …

More Evidence That California Is Deteriorating Into a Feudal Society of Inherited Land Wealth

Look no further than a Los Angeles Times investigation published on Friday afternoon.

Cyber Security & Family Offices: A Legacy to Protect

<i>With research undertaken by Schillings revealing that 28% of Family Offices have experienced a cyber attack in the past and of those, 77% had been</i> …

People assume trust-fund babies are spoiled 20-somethings born with silver spoons — but they're not always who you think

Trust-fund babies — a group of over-privileged, spoiled, adult-children that people love to hate. At least, that's what society is led to believe.<p>The trope goes something like this: While the world hunches over their desks grinding away for a steady paycheck, people with trust funds are jetting off …

Future-Proofing A Family Business: The Art Of Drafting Family Constitutions

Family firms usually start out as simple organizations. But as they develop and grow they face greater complexities and challenges, often leading to tensions among the owning family over how they run the firm together.<p>Many of Asia’s top family businesses were founded after World War II, and those …

Follow the Money (Then Take a Picture)

Perhaps because she has spent her career watching the rich, the photographer and filmmaker Lauren Greenfield is herself rich to watch. At a party after the New York premiere of her new documentary — “Generation Wealth,” about the perils of capitalism — Ms. Greenfield was wired, welcoming and …

How Tech Billionaires Hack Their Taxes With a Philanthropic Loophole

Late in 2014, Nicholas Woodman, the founder and chief executive of GoPro, announced what appeared to be an extraordinary act of generosity.<p>Mr. Woodman, then 39, had just taken his camera company public, and was suddenly worth about $3 billion. Now he was giving away much of that wealth — some $500 …

Philanthropy

Four reasons intergenerational wealth is destroyed in 3 generations

“Shirtsleeves to shirtsleeves in three generations” is a common adage

When Should Children Have Access To Their Inheritances?

<b>Regardless of whether or not you are subject to the estate tax, it is essential to have a current will and related documents.</b><p>I recently wrote two …

Andrew Carnegie, On Achieving Wealth And Prosperity

Andrew Carnegie was one of our nation’s first entrepreneurs. In the late 19th century, he was the mastermind behind the growth of the steel industry. Carnegie made his fortune building the Carnegie Steel Company, which he later sold to J.P. Morgan. Having amassed outsized wealth, often cited as one …

Penguin Random House

Tips for Owning a Family Vacation Home or Recreational Property across Generations

<b>Question #1. What are the basic expectations a family should discuss/agree to in order to reduce risk of conflict when sharing ownership of a</b> …

Your Estate Could be Bankrupt Unless You Protect Against This

Whether you’re a successful business owner, a family of wealth or just average, middle-class folks, if you haven’t prepared for the possibility of …

Why Estate Planning Isn't Just for the Rich

Even if you are not a member of the 1%, the inheritance you leave could still be eaten away by taxes and expenses if you do not have a solid plan in …

Roth IRA

Have 'The Talk' about finances, estate planning with your parents already

When you were a young’un, your parents may have sat you down to talk about the “birds and the bees.” Now it’s time to turn the tables and address another uncomfortable topic: <i>their</i> finances.<p>Such conversations mark a reversal in the traditional parent-child dynamic and also can be fraught with …