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Sometimes our perceptions are formed by the words that are chosen. An example is the renaming of the estate tax as the “death tax,” which had the impact of reframing the whole argument to the advantage of those advocating for the repeal of the estate tax. Who doesn’t agree that you should not be taxed for dying? Similarly, I believe that if families think of family wealth in terms of private capital rather than inheritance, it forms a different perception and reframes the discussion.
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Most wealth creators possess a high degree of self-efficacy. They believe deeply that if all their wealth were suddenly taken away, they would be able to build it all back again. They have a high degree of confidence in their ability to make it through life without reliance on anyone or anything. And, as Exhibit A, they have their Dickens-like story of rags to riches. It is the classic hero’s journey. Striking out on their own, facing overwhelming obstacles, and emerging victorious with the result of wealth well in excess of their needs and wants occurring almost as a byproduct and typically not the goal. Therefore, when we have discussions about family wealth, often the concerns are that too much wealth will be transferred to their children or grandchildren... (continue reading full article)
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Our thanks to Mark J. Richards & The Madison Group.
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About The Madison Group
The Madison Group is one of the largest independent financial firms in the U.S. dedicated to comprehensive wealth preservation since 1968. We specialize in providing affluent families, business owners and executives with unique, tax-efficient wealth transfer and business continuity strategies. We value solutions that have simplicity at their heart and are manageable across generations.
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Upcoming Events
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March 9: U of Wisconsin, Madison, WI
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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