Tuesday, March 11, 2014

Money & Families

From the New York Times:

MARVIN BLUM, a lawyer from Fort Worth, flew to New York last week to visit his daughter, son-in-law and young granddaughter. Staying close to his family is crucial to him. The same goes for seeing his son, who lives in Austin.

“I’m at a point in my life where the things I want I can’t buy with money,” said Mr. Blum, 59. “I want relationships and memorable moments.”

As hokey as this might sound, like a sentiment scribbled on a Hallmark card, Mr. Blum takes it seriously. He has worked with his son, 31, and daughter, 28, on the family’s threefold mission: “We value relationships. We value productive work. We value meaning in our life, from spirituality or whatever else can offer you something in terms of meaning.”

In New York, Mr. Blum, who runs a large trusts and estates law practice in four cities in Texas, attended a symposium called “Successful Multigenerational Families,” hosted by Tiger 21, an investment club for people with more than $10 million to invest. The room was packed with dozens of very wealthy men and women, all focused on how to deal with wealth from tens of millions to hundreds of millions of dollars so it would not divide their families.

Read more here.

MR

http://lawprofessors.typepad.com/family_law/2014/03/money-families.html

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