A comprehensive guide to inheritance for affluent families The gift of giving is at the core of family wealth and with the new estate law allowing up to $5,120,000 in tax-free gifting, the ultra-affluent are faced with the task of giving in the largest amount in estate tax history. Beyond the tax saving and wealth management implications, the act of giving in such a generous amount opens up a slew of new issues for wealthy families, the biggest of which is: how do I prepare the recipient of such a hefty gift? With that question in mind, Hughes, Massenzio, and Whitaker have written Wisdom and Wealth in three main parts: "The Who of Giving," "The How of Giving," and "The What and Why of Giving." The first part deals exclusively with the people most deeply involved in family giving, especially the recipients and givers (parents, grandparents, spouses, trustees). The second part, "The How of Giving," addresses the delicate balance of givers who want to maintain some level of control and recipients who want some level of freedom in accepting and growing the gift. The final part, "The What and Why of Giving" describes various types of gifts, from money to business interests to values and rituals. The authors also introduce their "family bank" concept as a model that combines loans, trusts, and outright gifts. It embodies a framework and set of practices for long-term family growth.