Publications

Succession:  The Brewing Controversy Over the Murdoch Family Trust
Trust Administration, Trusts, Family Business Matthew Erskine Trust Administration, Trusts, Family Business Matthew Erskine

Succession: The Brewing Controversy Over the Murdoch Family Trust

The Murdoch Family Trust, Rupert Murdoch's media empire, is embroiled in a significant dispute that has implications far beyond the world of media. As reported by The New York Times, this unfolding drama sheds light on the complexities of managing high-value assets—whether they be media companies, art collections, or estates.

The trust, established during Murdoch's 1999 divorce, was designed to grant voting rights to his older children while securing financial benefits for his younger ones. Now, at 93, Murdoch is in a legal battle with three of his four adult children over who will control the empire after his death. This situation echoes similar conflicts in other media dynasties and offers valuable lessons for anyone managing assets with high emotional and financial stakes.

Key Takeaways:

Succession Planning: Just as family businesses need clear plans for leadership transition, so too do artists and collectors to preserve their legacy.

Governance Structures: Establishing clear decision-making processes is essential to prevent disputes.

Common Goals: Aligning the interests of all stakeholders ensures long-term value preservation.

Professional Mediation: Neutral third parties can help navigate complex dynamics and protect the integrity of valuable assets.

Whether you're managing a media empire or a treasured art collection, the principles at play in the Murdoch case offer crucial insights for ensuring your legacy endures.

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The Importance of Building Generational Wealth

The Importance of Building Generational Wealth

The process of building generational wealth is intended to provide younger family members — and even those not yet born with financial opportunities and a head start to long-term stability. Generational wealth refers to financial assets passed down from one generation to the next. They include property, investments and businesses but also other assets, such as collectibles or royalties from oil and gas holdings.

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Why Having A Chief Of Staff For A Family Business Helps Avoid Disasters

Why Having A Chief Of Staff For A Family Business Helps Avoid Disasters

The whole blame nor the whole praise for the failure or success of family businesses lies with the leadership or the collective family business organization. Leadership must understand that there are flaws within the family business organization; and, a leader is willing to undertake the institutional risks to fix those flaws.

Many times it requires more than just an Alpha leader but also a Beta leader, or a chief of staff from outside the organization, such as lawyer , accountant or other professional who is able to execute on the changes as they are needed

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Estate Planning During A Bear Market
Financial Planning, Estate Planning Matthew Erskine Financial Planning, Estate Planning Matthew Erskine

Estate Planning During A Bear Market

In April of 2022, the stock market officially entered Bear Market territory. Bear Markets occur when the market declines more than 20% below a recent market high, in this case the 52-week market high. Why the market has declined has been attributed to many different factors, such as inflation, the energy shortages, the War in Ukraine, and so on – each contributing to investor’s fears and a desire by investors to cut their losses. In the short term, the volatility of the markets will remain. Estate planning is a long-term strategy, so what about the long term?

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Tactics To Reduce Your Capital Gains Tax And Your Estate Tax

Tactics To Reduce Your Capital Gains Tax And Your Estate Tax

To those who have highly appreciated assets and expect their estates to exceed $3.5 million, is to be better educated about these tactics and their advantages and disadvantages especially with the turbulent environment for tax laws in the coming years.

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The Tragedy Of The Commons: How A Life Crisis Effects Family Wealth

The Tragedy Of The Commons: How A Life Crisis Effects Family Wealth

“Strategic planning, governance, and business processes take a back seat to the immediacy of the leader’s life crisis and how the crisis will be managed, ignored, or denied by the leader and the stakeholders in the organization. Response to the crisis largely determines the future and well-being of the business and the family.” -Steven S. Rolfe, MD

In most cases, a family leader plays the role of the governor of the engine that is the family wealth. The leader has the personal authority to set agendas and make decisions between competing demands on the common resources of the family. So long as they are able to act in such a way, disputes do not rise to the level of threatening the viability of the family enterprise. In Systems Dynamics there is a name for this situation, The Tragedy of the Commons.

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