- Why having a “family-run business” versus a “family-in business” is so important.
- Controls vs. roles: Understanding the difference when it comes to family, shareholders and employees when the business is held in trust.
- The huge impacts of changing what to why when making decisions.
- The intricacies of creating a trust in perpetuity for the family business.
- What does it mean to have a GOAL Standard for a trust?
- Purposeful naming of trusts; and how it can reshape the trajectory for generations to come
This week’s guests include:
Founder of the Purposeful Planning Institute*, Fellow of the American College of Trust & Estate Counsel and author of the Purposeful Trust & Legacies Handbook
John A. Warnick, who family, friends and clients know as “John A”, describes himself as a “recovering tax attorney.” After practicing for thirty years as a tax and legal advisor to wealthy families, he left the large law firm he was a partner in to pursue his passion of assisting clients transition their wealth more purposefully. He works with clients, and their team of advisors, to ensure that the impact of their technical planning will be a positive force in the lives of the rising generations of their family. His blog, Seedlings, provides suggestions on powerful but easy ways in which we can create non-financial legacies for our families and communities. John A has been on what he describes as the path to Purposeful Planning Mastery for almost twenty years. There are many technical and professional mentors he is indebted to. But he is quick to point out “my greatest teachers have been my clients. It is through them I discovered the secrets for producing not just tax-wise plans but plans that promote family harmony, individual growth and long-term preservation of family wealth.”
Mr. Warnick is a Fellow of the American College of Trust and Estate Counsel. He has served as the Philanthropic Editor of the Journal of Practical Estate Planning and serves on the Carter Center Philanthropy Council and the Multidisciplinary Teaming and Professional Collaboration Committee of the National Association of Estate Planners and Councils. His most recent publications include “Generative Trusts & Trustees: A New Paradigm for Design and Administration”, “Innovate or Die”, and "Selecting a Trust Situs in the 21st Century". Mr. Warnick received a B.A., Magna Cum Laude, from Brigham Young University and his JD from George Washington University with honors.
Senior Vice President, Director of Wealth Transfer Services, Northern Trust*
Raymond C. Odom is a Senior Vice President at Northern Trust - Chicago. He serves as Director of Wealth Transfer Services in the Wealth Management division. Ray serves as a national subject matter expert in wealth transfer planning. Ray works with The Northern Trust Foundation & Institutional Advisers and other Northern partners and their clients to provide valuable estate planning and charitable giving ideas to clients, prospects and professional advisers.
Prior to his current role, Ray served as a Trust Administrator and Wealth Strategist, responsible for the administration and solicitation of large, complex accounts for individuals, families and charitable entities.
Ray began his career with Northern Trust as tax counsel developing expertise in tax exempt organizations, fiduciary income tax, and estate/gift tax before leaving for private law practice to become a partner in the Chicago estate planning law firm of Hoogendoorn & Talbot. Prior to rejoining Northern Trust in 2000, Ray was a Vice President with NBD Bank (n/k/a J P Morgan Chase) where he served as relationship manager, trust officer and local trust counsel. Ray has a B.A. from Valparaiso University and a J.D. from The Ohio State - Moritz College of Law. He is an attorney licensed to practice law in Illinois and before the U.S. Tax Court. In addition, Ray is a Certified Financial Planner (CFP). Ray is a Fellow in the American College of Trust and Estate Counsel (ACTEC). He is a current member of the Chicago Estate Planning Council and is on the advisory council for the Hadley (f/k/a Hadley Institute for the Blind and Visually Impaired) Winnetka, Illinois and the Northern Illinois Food Bank in Geneva, Illinois.
The oldest of 10 children growing up in a family construction business, married 40 years to the mother of his 7 children and 11 grandchildren. Ray is personally familiar with many of the family dynamics behind inter-generational wealth transfer and business succession planning.
-----
Family Wealth and Legacy is a marketing name for registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies.
*Not affiliated with Lincoln Financial Advisors Corp.
The content presented is for informational and educational purposes. The information covered and posted are views and opinions of the guests and not necessarily those of Lincoln Financial Advisors Corp.
Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors Corp. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.
