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Module 9 - GS 839 questions with verified solutions
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Module 9 - GS 839 questions with verified solutions
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Module 9 - GS 839In which group or groups below could you readily find psychologists who specialize in working with
families in business? - correct answer ✔✔Family Firm Institute
Purposeful Planning Institute
What is the meaning of the often-cited saying, "Shirtsleeves to shirtsleeves in three generations"? -
correct answer ✔✔Family wealth is transitionary
What is the difference between "transferring" an estate to heirs and "transitioning" the estate? - correct
answer ✔✔"transfer" is a legal matter
"transition" means enabling the heirs to handle what they receive
When Jay Hughes (and others who follow him, like Tim Belber) says that families have more kinds of
capital than just financial, what point is he making? - correct answer ✔✔Families have "virtues" as well
as money, and to manage those virtues across generations is critical to maintaining the financial well-
being of the family over time.
"Family governance" addresses wealth across generations. Which practice or practices are commonly
found in families whose wealth has remained intact or grown over many generations, say, five or six? -
correct answer ✔✔A family constitution
A family council that holds regular family meetings
For Charles Collier (or for that matter, Tim Belber, Jay Hughes, and Patricia Angus), what best defines the
purpose of estate planning? - correct answer ✔✔To facilitate the transfer and transition of an
appropriate inheritance to enable heirs to thrive
For what reason or reasons does family governance become increasingly important, as wealthy families
go from one to two to three to four or five or six generations? - correct answer ✔✔The family becomes a
"tribe" or "clan" over time.
The family entities become more numerous and complex over time.
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