How to Build your Own Family Bank 8hours

How do you provide opportunities for the rising generation without creating dependency and entitlement

Money is an accelerant for the direction individuals and families are already headed. If you want to change the direction, you must be intentional about how you use the money and change the culture and expectations around its use.

What do people do with their stuff and how do we help the rising generation without hurting them?

Vanderbilts vs. Rockefellers. Two different cultures, and two very different generational outcomes.

The concept of the Family Bank is not widely published but it should be.

Most financial planning was designed for passing assets but most people now work in services, and taxes must be accounted for.

There’s more to planning than gifting to people, charities, or the IRS. How do you account for nuances and complexity of individual situations in a “dead” document?

We don’t own assets. We are merely stewards of them until they are made available to the rising generation.

If you work for it, you’ll appreciate it. You’ll want others to catch the vision as well.

We are responsible to / for ourselves, our family & loved ones, and our community and the world. Spreading resources to match the degree of stewardship and responsibility makes the most sense.

People need tools as well as training to be able to execute. The Family Bank can provide those tools while the family helps train.

Microloans impact the cycle of poverty

Capital is the limited resource which the Family Bank can help solve for a new business startup.

How the Family Bank provides loans, grants, and gifts.

Guidelines to prevent awkward conversations over Thanksgiving.

Adding clauses to your Trust language to account for ownership and tax issues.

How to help family members come up to speed to participate in the Family Bank as board members.

How the bank board educates the family.

An evolving Family Bank where you start with simple and grow the functions works best.

Cash or cash equivalents that earn predictable and stable growth provides the right balance of easy access for loans without having to sell principle.

Designing the right financial products helps avoid pitfalls.

Suggestions for loans, gifts, and grants.

Preserving the principle while giving loans/grants is a challenge.

Regular smaller donations are better than large one-time gifts.

We can expect financial, environmental, and political turmoil. The Family Bank can provide assurance.

The Family Bank can be a buffer when the unexpected occurs.

The Family Bank can help with education and home loans.

Planning Family Bank funds for the long term can make it a perpetual asset for future generations.