James (Jay) E. Hughes, Jr., Esq. discusses family governance and more in this exciting book review.
Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press. He is the co-author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom, The Voice of the Rising Generation, and Complete Family Wealth, all published by John Wiley & Sons, and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors. In addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website www.jameshughes.com.
He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day.
He is a current active Fellow of Wise Counsel Research Foundation, a Boston-based think tank providing qualitative advice to families who seek to avoid the shirt sleeves proverb and to help their families flourish.
He is a member of the Advisory Board of Arlington Partners, the Chair Emeritus of Lineage Private Trust Company, a Fellow of the Family Firm Institute, a member of the Society of Trusts and Estates Practitioners, a founding member of the Collaboration for Family Flourishing, a Laureate of the Purposeful Planning Institute, and a Founding Advisor to the Sino-American Family Office Foundation.
He has spoken frequently at numerous international and domestic symposia on the avoidance of the shirtsleeves to shirtsleeves proverb and on the dynamic growth of families’ human, intellectual, social, spiritual, and financial capitals toward their families’ flourishing.
Mr. Hughes has authored various Forwards to multiple published works on families and their flourishing and has been cited in The New York Times, The Wall Street Journal, and various professional journals.
He is a member of boards of various private trust companies, an advisor to numerous investment institutions, and a member of a number of private philanthropic boards.
Mr. Hughes is a graduate of the Far Brook School, which teaches through the Arts, The Pingry School, Princeton University, and The Columbia School of Law. He is a counselor to the Family Office Exchange and recipient of its Founder’s Award, the recipient of the Private Asset Management Lifetime Achievement Award, the Ackerman Institute Family Partner Award, and the Wealth Management Lifetime Achievement Award.
LINKS FROM THE EPISODE
Vocare (Latin for vocation/calling)
Laboro (Latin for labor/work)
Tell us about your legal practice in private client work and how it differs from succession or estate planning. [2:07]
What is the purpose of parenting? [5:00]
Can you have both regrets and a fulfilled life? [6:14]
Can you tell us about the proverb "shirtsleeves to shirtsleeves in three generations" that you refer to in your book Family Wealth: Keeping It in the Family? [7:17]
What if a person who has a first-generation mentality marries a person who has a third-generation mentality? [13:09]
What dangers do families face when they are in a position of prosperity? [18:38]
What are human and intellectual capital? [26:50]
Where did you grow up? How did that place define you? [34:10]
Tell me about a time when you made mischief as a child. [37:35]
When, as a child, did you form your own dreams? [41:08]
What is your favorite charitable cause? [43:07]