A conversation about planning for success of future generations with Richard Orlando and Jay Hughes Jr. This talk addresses legacy planning beyond the financial aspects in a way that ensures happiness and fulfillment for future generations.
When the time arrives for a founding generation to plan for their descendants' future, the conversation often revolves solely around financial capital, wealth, wealth management, and the strictly monetary aspects of providing for future generations. These conversations focus on preparing for the "next" generation with little regard for the individual hopes and dreams of that generation. In this podcast, advisors Dr. Richard Orlando, CEO and Founder of Legacy Capitals, and Jay Hughes Jr., advisor and author, discuss how to reframe the discussion from one about preparing the "next generation," to a discussion about how the "rising generation" can become fully actualized individuals with hopes, plans, and a work ethic of their own.
Legacy planning that focuses on aspects beyond financial capital, such as human capital, spiritual capital, social capital, and intellectual capital, allows the rising generations to focus on happiness and hard work in pursuit of their own goals. This prevents the legacy they have received from being felt as a burden; instead allowing it to be a blessing and a gift of love that offers the rising generation the opportunity to pursue their own unique voices and their own dreams. In the podcast Orlando and Hughes discuss how to avoid burdening future generations by not creating a strict sense of a "dynastic succession." This individuation of the rising generation strengthens the family by solidifying the commitment to developing the full set of capitals, human, spiritual, social, intellectual, and financial.
By helping families in a holistic way, Hughes and Orlando offer a guide to creating a legacy that is fuller, richer, and more devoted to the happiness and well-being of successive generations. This focus on well-rounded planning creates a basis for the success of the rising generation, as well as their individuation and capacity to live a fulfilled life. True legacy planning is a long timeframe discussion. Listen to the podcast to learn more about legacy planning that addresses all of your family's capitals, not just financial capital.
About The Speakers
Richard J. Orlando, Ph.D., founder and CEO of Legacy Capitals LLC, serves as a trusted advisor, coach, and educator to affluent individuals and families. He also consults, coaches, and trains professional advisors who work with affluent individuals and families. Dr. Orlando has an interdisciplinary background, holding degrees in computer science, business, and family systems. More information is available on his website. [http://www.legacycapitals.com]
Jay Hughes Jr. is the author of multiple books about legacy planning, including Family Wealth: Keeping It in the Family, and The Compact Among Generations. He is also the author, with Keith Whitaker and Susan Massenzio, of Cycle of the Gift and coming in September, Voice of the Rising Generation. He was the founder of a law partnership in New York City and is a frequent lecturer for and member of the Purposeful Planning Institute. He speaks frequently at international and domestic symposia about the avoidance of the "shirtsleeves to shirtsleeves" proverb and the growth of families' human, intellectual, social, spiritual, and financial capitals. More information is available on his website. [http://www.jamesehughes.com/]