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Stories, Columns, Articles

Stories, Columns and Articles

A Tale of Two Trustees - Getting in the Right State of Mind

This column was originally published online by the journal Trusts & Estates

A Tale of Two Trustees

Getting in the right state of mind

By Hartley Goldstone

Trust officer A starts her day with a look at several reports of the previous day’s goings-on in her trust accounts: cash inflows and outflows, investment activity and so forth.  Her trained eye detects nothing out of order.

Then she prepares for the annual meeting with a beneficiary that she will be hosting over lunch.  She takes a meticulous look at the file.  No mistakes here!

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Hartley Goldstone
Heroic Journeys and the Trustee's Path - Don't Automatically Refuse a Beneficiary's Call to Adventure

This column was originally published online by the journal Trusts & Estates

Heroic Journeys and the Trustee’s Path

Don’t automatically refuse a beneficiary’s call to adventure

By Hartley Goldstone

Joseph Campbell wrote extensively about the “hero’s journey.”  This journey has a pattern drawn from the mythological tales of many cultures.

The hero is called to leave his ordinary world to enter an adventurous new realm.  Accepting the call (sometimes after an initial refusal, sometimes after speaking with a mentor), he encounters a transforming realization that takes hold in the new world.  Then, he returns to normal life with much deeper awareness.

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Hartley Goldstone
Prepare a Nice Dinner, Break Out the Wine

This story is reprinted from TrustWorthy- New Angles on Trusts from Beneficiaries and Trustees(Trustscape 2012), a collection of 25 real-life stories collected through The Beneficiary and Trustee Positive Story Project.

As this story begins, I am the trust officer, and the grantors, husband and wife, are in their late forties. Theirs is first-generation wealth of about $100 million. They have three children — son 22, and two daughters, aged 19 and 17. The grantors are being very thoughtful about how to introduce their children to issues related to their family’s wealth.

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Hartley Goldstone
Family Trusts that Preserve Family and Preserve Trust

Family trusts that preserve family and preserve trust

by Hartley Goldstone

This article is reprinted from the December 2017 edition of The International Family Offices Journal

A copy of the Journal may be obtained at http://hartleygoldstone.globelawandbusiness.com/

Introduction

A decade ago I left behind trust administration and set out to solve a riddle. Why do family trusts commonly preserve family financial assets, yet fail to preserve either family or trust?

Sound investing and tax tactics are, of course, important. At the same time, my experience is that families who ‘do’ trusts well know that long-term success hinges on the personal relationships that trusts create.

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Hartley Goldstone
A Prairie Wealth Companion - The Rising Generation Finds Its Voice

This column was originally published online by the journal Trusts & Estates

A Prairie Wealth Companion

The rising generation finds its voice

By Hartley Goldstone

 One of my favorite walks is a mere five-minute drive from home.  It's the two-mile path around Johnson Reservoir.  To the west, beyond homes and low-lying commercial development, you can see the Front Range of the Rocky Mountains.  Past the Front Range, several snow-capped peaks serve as beacons.

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Hartley Goldstone
The Rocky Road to Freedom

This story is reprinted from TrustWorthy- New Angles on Trusts from Beneficiaries and Trustees (Trustscape 2012), a collection of 25 real-life stories collected through The Beneficiary and Trustee Positive Story Project.

I grew up in a family of my father, mother, brother and sister. I’m the oldest of the three siblings.

My dad and his brothers grew up on a farm. They had very little. Their family was poor. My grandfather died when my father was seven. My grandmother was a schoolteacher. She raised eight kids.

Dad and his brothers started a company that, after becoming publicly traded, reached a ranking of #27 on the Fortune 100.

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Hartley Goldstone
From Seurat to Starbucks - A Meditation on Connection, Communication and Trusts...

This column was originally published online by the journal Trusts & Estates

From Seurat to Starbucks

A meditation on connection, communication and trusts…

By Hartley Goldstone

A Sunday Afternoon on the Island of La Grande Jatte is perhaps renowned French artist Georges Seurat’s most famous work.  Painted in 1884, the masterpiece portrays members of French society gathered in a bucolic park on the banks of the Seine.

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Hartley Goldstone
Joe Reilly Interviews Hartley Goldstone for Family Wealth Report April 2016

Joe Reilly:  How have you seen the trust business change since the 1980s?

Hartley Goldstone:  On the institutional side, the consolidation of banks has put pressure on trust departments to gather assets under management - which means less emphasis on personalized fiduciary services. This mega-bank stress on AUM has opened up opportunities for regional banks to provide higher touch services. And, all along - no matter the decade - some trust companies have done a sound job regardless of market dynamics.

In the high net worth sector, we’ve seen a proliferation of family offices, along with more interest in creating private trust companies. What gets me excited is the concern shared by an increasing number of families about the impact their legal structures - family offices, trusts, and family foundations – have on the welfare of their families and on the welfare of the larger community.

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Hartley Goldstone
Between the Lawyer's Office and the Trustee - "You Don't Get a Second Chance to Make a First Impression"

This column was originally published online by the journal Trusts & Estates

Between the Lawyer’s Office and the Trustee

“You Don’t Get a Second Chance to Make a First Impression...”

By Hartley Goldstone

I have a friend who spent time as a bank examiner with the Office of the Comptroller of the Currency.  His career involved auditing federally chartered trust companies―all sizes―around the country.

Over nachos and beer about six months ago, this is more or less what he told me: “There isn’t a bank in the country that reviews relationship-building with beneficiaries as a separate area of risk management.”  He went on to say that trust companies would be better off if they did so.

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Hartley Goldstone