Complete Family Wealth. Keith Whitaker
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COMPLETE FAMILY WEALTH
Wealth as Well-Being
Second Edition
James E. Hughes
Susan E. Massenzio
Keith Whitaker
Copyright © 2022 by James E. Hughes, Susan E. Massenzio, and Keith Whitaker. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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Library of Congress Cataloging-in-Publication Data:
ISBN: 9781119820031 (hardback),
ISBN: 9781119820048 (epub),
ISBN: 9781119820055 (ePDF)
Cover Design: Wiley
Cover Image: Wiley
To my father, James E. Hughes, Sr., an extraordinary adviser to families and the wisest man I know;
to my mother, Elizabeth Sophie Buermann Hughes, who first taught me about family and who keeps creating family;
to my professional partner Anne D'Andrea, who after 32 years still keeps me sane and helping and for whose help I am beyond grateful;
and to my partner in life and learning, Jacqueline Merrill, who put her arm through mine.
James E. Hughes
To my mother, Viola, for giving me a vision of what a complete life, well spent, is. Thank you.
Susan E. Mazzenzio
To my family, my friends, and my loving partner—my complete wealth.
Keith Whitaker
What is very easy? To advise another.
What is very hard? To know yourself.
Thales, the first philosopher
Preface to the Second Edition
This new edition of Complete Family Wealth contains a number of noteworthy changes.
We have updated the first chapter's discussion of qualitative capital to reflect the latest thinking in the field, which distinguishes among five types of non-financial wealth: human, legacy, family relationship,