We talk frequently about the importance of a well-designed estate plan, but equally valuable is your communication with the next generation. In a recent publication from Vanguard, they pointed out three commonly missed factors associated with a successful transfer of wealth:

• Strong communication and a sense of trust among family members
• Thorough preparation of heirs
• A cohesive purpose for family wealth

A family mission statement provides the perfect template for achieving success in these areas. As a start, we encourage you to think about what enduring values around money persist in your family’s history? We have tools and resources to share in the months ahead, but consider this question until next time.

Our son gave my wife the book Being Mortal for Mother’s Day. The author, Dr. Atul Gawande, is a surgeon in Boston, on the faculty at Harvard, and known for his best selling book The Checklist Manifesto. Whether you are caring for aging relatives or managing your own affairs as you reach your later years, I think it provides valuable insight on aging and death. It will force you to think about things most of us would rather not.

My personal takeaways were:

1. Stay in your home as long as possible.
2. Talk to multiple doctors to get more than one perspective on end-of-life health issues.
3. Talk to your children about what’s important to you and give them direction on what they can do.

I encourage you to pick up a copy and share your insights with your children.

1. A short video on the market’s response to Greece. Click here.
2. Did you like the Brad Pitt movie, Moneyball? Here’s the origin story of AVM Systems, the little-known company that jump-started sabermetrics and made Moneyball possible. Click here.
3. A great piece from The New York Times on the complicated world of investing. Click here.
4. A summary from DFA on the state of the mutual fund landscape. Click here.
5. DFA’s video detailing their fund construction and trading practices. Click here.