“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” Ayn Rand

 
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Monthly Tip - Wealth Definitions

What is a Family Limited Partnership (FLP)?

 

An FLP is a form of limited partnership used as a wealth transfer strategy. Wealthy individuals transfer personal (or business) assets to the partnership, then issue limited ownership rights to children or other heirs. This lowers the estate value of the individual and helps keep assets in the family. Parents can gift shares in the partnership each year as their annual gift exclusion to avoid paying gift taxes. Parents can retain control of the partnership by being the general partners. Use of FLPs can sometimes provoke IRS audits.

 

Sam Walton (Walmart founder) had a family partnership with his wife and children.

 

Get Help With Wealth!
Avoid Probate Fights – How to Plan for and Settle Unequal Estate Bequests
Sunday, 04 March 2012 18:55

Leaving unequal distributions of your estate can lead to probate fights, or family feuds of other sorts. If you don't want to leave equal amounts to your heirs, know that expert sources all agree that you have the right to do whatever they want to do with your estate. If you want to leave unequal distributions, that is your business. However, they also agree that leaving unequal distributions can lead to more legal challenges to your estate's distribution as well as to more anguish and conflict between your heirs. Why would you ever want to divide your estate unequally and how can you avoid probate squabbles and family fights over your inheritance?

Read more Unequal Estate Bequests
 
Farmland Alternative Investments
Friday, 18 November 2011 11:59

Investors have been pouring money into farmland – especially Midwest USA land for the past few years. So much so,that the Federal Reserve Bank of Kansas City reported that fourth quarter 2010 prices for farmland surged 20%. Once again, readers, we have missed the boat on the next 'hot' alternative investment.

 

Today, land prices are high and returns are much lower that the double digit returns afforded investors who started buying at least five years ago. However, investing in farmland or food related investments may still be an option for you to consider (remember I am not an investment or financial professional – get competent advice before acting on anything you read on this site!).

 

People investing in farmland are not all becoming farmers, as you can imagine. Instead, institutional or accredited private investors are putting money into private funds which are buying up land, renting it to farmers and getting income from the rent, the crops and the land appreciation. In addition many of the funds manage the farmland to also supply alternative energy sources, such as bio fuel or wind.

 

Read more Farmland Alternative Investment
 
Suze Orman – Whether You Love Her or Not, Is a Self-Made Millionaire
Tuesday, 22 November 2011 15:43

Suze Orman, media proclaimed personal finance expert, is a success – whether you agree with her advice and approach or not. She went from a job as a $400 a month waitress to having an estimated net worth of over 25 million dollars. In a New York Times article (Shes So Money by Deborah Solomon 1997).

 

With Orman, it seems people either have love her or hate her. She resonates with middle class women – the target audience of shows where she gained renown (QVC and Oprah), but other financial 'gurus' sometimes take issue with her advice and it's presentation.

 

She has some financial training and experience and espouses fairly basic financial strategies – so how did she become rich and famous?

Read More: Suze Orman
 
Rags to Riches – the Millionaire Story of Ursula M. Burns
Monday, 24 October 2011 14:50

Raised by a single mom in a housing project in New York City, Ursula Burns rose from rags to riches via respect for her Mother's values, hard work, a bent for science and math and trust in herself.

 

In 2010, her compensation package, as chairwoman and CEO of Xerox, was more than thirteen million dollars. She has been tapped by the President of the United States to serve on a national program on STEM (science, technology, engineering and math) and as a co-chair of the President’s Export Council. But the money and notoriety haven't turned her from her core values, learned from Mom in the Baruch Houses on the Lower East Side, during the years when the project was filled with drug addicts and gangs.

 

Read more Rags to Riches
 
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What Are Your Family's Money Values?

Success Wealth Money

These are the yardsticks against which we are measured. When we attain them, we want to pass the financial rewards along to our progeny but we don't always realize the repercussions. Will our families benefit or be harmed by our success and wealth? Will our kids or grand-kids run through our hard earned money? How do we use our wealth to provide opportunities, but yet make sure we don't suck away our descendents self esteem and drive? How can our family benefit for generations to come. These are the types of questions this website strives to focus on for you.

 

Our Goal at FamilyMoneyValues.com is to help families maintain and build wealth for generations.

 

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