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Success That Lasts – Episode 80: Financial Capital is Like Dynamite

In this episode of Success That Lasts, Jared Siegel unpacks structural capital, financial capital, and related topics. He shares insights about wealth succession and how families can ensure their heirs are fully equipped to inherit wealth.

Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:

Here are a few highlights from this week's episode:

  • “Families with significant wealth or family businesses often operate within a network of trusts, partnerships, contracts, and other kinds of legal and business entity relationships,” Jared says. “In this context, structural capital represents the family’s cumulative understanding of this network and ability to navigate it efficiently.”
  • It’s human nature to value things based on how much they cost us. Therefore, you value wealth you are given differently than if you had suffered, sacrificed, and risked for it.
  • The key to efficiency is making a checklist — one of the most simple and humble techniques, according to author, surgeon, and public health researcher Atul Gawande. Even the Air Force and leading hospitals use checklists to manage their everyday tasks.
  • “The single most important reason for creating a trust in the first place should be to provide a gift that promotes the beneficiary’s real freedom,” Jared advises. “A trust that's well designed should deliver an enhancement to the beneficiary that cultivates a greater maturity and equips them to pursue their own aspirations.”

Resources

The Checklist Manifesto by Atul Gawande

Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values by Roy Williams and Vic Preisser