70% of Your Wealth Will Be Lost When It Passes to the Next Generation
Clifford "Kip" Kolson's new book offers strategies for avoiding that fate
IRVINE, Calif., June 20, 2018 /PRNewswire/ -- In You Can Have It All: Wealth, Wisdom, and Purpose, Clifford "Kip" Kolson shares time-honored wisdom and strategies for creating a lasting legacy and strong family. He has helped his clients achieve those goals through his Orange County wealth management and family-office firm.
Kolson, whose book was recently released by Family Wealth Leadership Publishing, has been working with high net worth families for 25 years. He points out it is a historical and global fact that 70 percent of family wealth is lost when it transfers from one generation to another and is completely gone by the third generation. "That's an avoidable tragedy," he says, "but of greater concern is the devastation that happens to the family unit and relationships."
He compares family wealth to an ice cube melting and eventually evaporating when left on the kitchen counter. Money and people in families are often a toxic combination that causes a breakdown of trust and poor, or non-existent, communications. As a result of financial conflict, families may become fractured, experience dissension, and entitlement, and lose their inherited wealth, family harmony, and legacy.
In an interview, Kolson can talk about:
- How families can reduce infighting, greed and miscommunication.
- Ways to grow and protect family wealth over multiple generations.
- Why if you only use wealth to gain more wealth, you will probably lose it.
- Tips on developing a shared family vision, mission, and purpose.
- Real-life examples of inheritances gone wrong and what the Gettys, Kennedys and Rockefellers did right.
Praise for You Can Have It All
"I absolutely adored this book. I've read many books on family business since I'm a deep believer in 'One good idea can change your life.' This book has good ideas in great, free-flowing abundance! It takes just about every problem that can keep a family business family from being high-functioning and then suggests ways of either forestalling or dealing with the problem." – Mrs. Mitzie Perdue, wife of Frank Perdue; daughter of Sheraton Hotels co-founder Ernest Henderson; author of How to Make Your Family Business Last
Credentials: Clifford "Kip" Kolson has been a bank vice president, an Army officer, a commercial real estate developer; and since 1994, a financial advisor, planner, investment manager, and family wealth coach. His business, Family Wealth Leadership, counsels high net worth individuals on building a lasting family legacy.
Contact: Kip Kolson, (949) 468-2000, [email protected]; www.familywealthleadership.com
SOURCE Kip Kolson
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