In The Legacy Family, wealth management coach Kip Kolson offers an alternative to the traditional “divide and dump” method for transferring family wealth to heirs. Here, he proposes that family members establish philanthropic enterprises that will benefit the community and help them avoid the common pitfall of fighting over the money.
Kolson warns that most family wealth is lost in three generations. To leave a legacy, families must achieve significance by serving others with their wealth rather than doling it out to heirs who may squander it.
Inspired by Rick Warren’s Purpose Driven Life, Kolson uses Bible teachings to address problems within the family structure that hinder financial success. He expertly covers topics ranging from personal weaknesses that create conflict—such as greed, jealousy, and self-centeredness—to financial struggles with budgeting, taxes and setting goals. Kolson provides couples with the tools they need to start a family-run foundation and to train their children in wealth management, foster family unity, and ensure their family’s wealth will benefit future generations.
Throughout, Kolson motivates readers by employing simple acronyms, vivid analogies and clear examples to drive home each concept. At times, however, the book can feel like a lengthy promo piece for Kolson’s firm, Family Wealth Leadership. He confesses “to being a little self-serving” with his repeated plugs for hiring a financial coach.
In over 300 pages, the topics are covered thoroughly but may require several careful readings to fully retain and implement the suggested methods. While well-written, the text contains some typos, and a few exhibits in the back have exceedingly tiny and sometimes blurry print. Readers are encouraged to contact Kolson’s office to have the exhibits emailed directly to them.
At first glance, this book may appear aimed at high net worth families, but Kolson’s wisdom is extensive and invaluable for anyone. Young couples, empty-nesters and readers of every age in between will find excellent advice in these pages.
Also available in hardcover and ebook.