We hosted a thought-provoking panel discussion on how much wealth families should leave to their children on Tuesday, April 10, 2012 at the Ritz-Carlton, Boston Common. The panelists explored this question from the perspective of both inheritor and those leaving inheritances and discussed best practices that promote a balanced upbringing for children of wealthy families.
We also hosted a follow up call on May 2, 2012 during which the panelists and moderator responded to questions submitted from the audience during and after the event. Listen here.
- What are some of the common motivations or themes behind wealth transfer?
- How does philanthropy come into play in all of its various motivations?
- What are some of the best practices in trustee/beneficiary relationships?
Our distinguished panel of speakers:
Executive Director of Bolder Giving
Jason Franklin brings to his work with Bolder Giving a background in philanthropy education, nonprofit strategy and leadership, and urban policy and education advocacy. He is also a Lecturer on Public Administration and Doctoral Candidate at New York University’s Wagner School of Public Service. His research at NYU focuses on the role of charitable foundations in the policy making process and he teaches courses on nonprofit management, public policy, and philanthropy. He is an experienced national donor educator and leader with over a decade of volunteer, professional and scholarly experience in philanthropic and social change work. He serves on the boards of Resource Generation, North Star Fund, Proteus Fund, 21st Century School Fund, and Social Justice Philanthropy Collaborative and on the advisory boards of Wealth for the Common Good and Chartered Advisors in Philanthropy program. He came to the Bolder Giving team from the 21st Century School Fund where he worked as Deputy Director. Previously, he coordinated the Rockefeller Foundation’s Next Generation Leadership Network housed at the NYU Research Center for Leadership in Action and has also worked for the Lower Manhattan Cultural Council, White House Office of National AIDS Policy, and Oregon Commission on Children and Families. A serial social entrepreneur, he co-founded Oregon Students Supporting Education (a statewide student organizing effort that helped prevent major budget cuts to Oregon public schools), the Multnomah Youth Commission (a youth-led agency that advises city and county leaders on program and policy decisions), and IAM LLC (an urban brownfield development planning firm that won the 2004 Goldman Sachs Global Social Venture Competition). He has an MS in Urban Policy and Nonprofit Management from the New School’s Milano Graduate School and a BA in Political Communication from the George Washington University.
Active Member of Resource Generation
Naomi Sobel is an active member of Resource Generation, which organizes young people with financial wealth to leverage resources and privilege for social change, and was part of the group’s inaugural cohort of Next Generation Fellows in Mission Related Investing. Naomi served for two years on the planning committee for Making Money Make Change, an annual gathering where approximately 100 Resource Generation members and their partners explore issues related to wealth, privilege, philanthropy, and participation in grassroots movements for justice and equality. She also serves on the board of Edmund and Jeannik Littlefield Foundation, based near San Francisco. In addition to her economic justice work, Naomi is an educator, writer and editor who has held positions at The Nation and Boston Review magazines and been published in a variety of local newspapers. Naomi is currently in her second year at Temple Israel of Boston, where she directs teen programming.
Scott E. Squillace, Esq.
Estate Planning Attorney
Scott Squillace is a business and estate planning attorney with over 25 years of experience practicing law. He is admitted to practice law in MA, NY, and Washington D.C. and has been admitted to the Bar in Paris, France as an Avocat. Scott began his practice career as a corporate attorney at Skadden, Arps where he worked to open it’s Paris and Moscow offices in the early 1990’s. During his time at Skadden he did significant private and public company corporate and securities work. Scott also has significant business counseling experience as an in-house corporate attorney, first as General Counsel for Levi Strauss & Co.’s European Division based in Brussels and later as the first General Counsel for Grand Circle Travel, a privately held Boston based travel company. He also served as European Counsel for Cabot Corporation, a NYSE public company. As the founder of Squillace & Associates, P.C. – a boutique law firm in Boston’s historic Back Bay – Scott specializes in life, estate and business planning matters with other attorneys in his firm. His focus includes tax, asset protection, and estate planning needs for international clientele, corporate executives, small business owners, physicians, and attorneys. He has a particular focus on helping same sex couples with their unique planning needs and is a member of the Wealth Counsel, a national network of estate planning attorneys where he works in collaboration with other attorneys nationally. Scott is also a Certified Legacy Advisor of The Sunbridge Legacy Institute, and a member of The Boston Foundation’s Professional Advisors Committee and Co-Chair of it’s Equality Fund; Advisors in Philanthropy, the Boston Estate Planning Council, the MA Gay and Lesbian Bar Association, Pride Planners, the MA Bar Association, Boston Bar Association and currently co-chair’s it’s Estate Planning Fundamentals Committee. He is a columnist for Practical Estate Planning and lectures frequently on estate and business planning as well as charitable giving strategies. He holds his bachelors degree from Fordham University in NY; has studied at the Sorbonne University in Paris and earned his J.D. from the Columbus School of Law at the Catholic University of America in Washington, D.C.
Dr. James Grubman
Family Wealth Psychologist
Jim Grubman PhD is a consultant to families of wealth, their advisors, and resources in the financial services industry. He works with ultra-high-net-worth families concerning succession, financial education, communication, and other issues of family dynamics. He also provides consultation and training to family offices and Top 100 advisory firms about client relationship skills and organizational functioning. He designed and taught the first graduate-level-only course in psychology and financial advising in the US, and he is a faculty member for the Certified Private Wealth Advisor certificate sponsored by IMCA and the University of Chicago Booth School of Business. A member of the Boston Estate Planning Council, the Society of Trust and Estate Practitioners, and Family Firm Institute, Dr. Grubman has earned the Family Business Advising certificate. He has been featured in print, online, and television media along with journal publications and speaking engagements in financial services. His practice, FamilyWealth Consulting, is based in western MA.
About Ballentine Partners, LLC
Ballentine Partners is an independent wealth management firm that provides comprehensive investment and financial advice to a select group of wealth families and entrepreneurs. The firm acts as a financial advocate for its clients and does not sell any products or have affiliations with any product sales company. Ballentine Partners has offices in Waltham, MA and Wolfeboro, NH. For more information please visit www.ballentinepartners.com. For more information on the Mill Street division of Ballentine Partners, please visit www.ballentinepartners.com/millstreet.