Excerpt from Millionaire Within by Lawrence De Rusha

The Framework of the Family Life Plan includes all of the important work of the family. It is both the a organized compilation of documents such as, estate planning materials, legal trusts, family loans, insurance plans, checklists and all other information that covers all the valued areas of the family and the working documents. It is also the plan forms. As an family you need to assess each area and determine if it fits the family vision, mission, values and constitution then put it in the Family Framework. Some families may want the plan to include family history and genealogy. Other families may want it in an electronic version.

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The Family Life Plan includes the following:

 Family Vision Statement

 Family Mission Statement

 Family Values Statement

 Family Constitution

 Family Rules

 Estate Plan

 Succession Plan (for family owned businesses)

 Investment Plan

 Tax Plan

 Philanthropic Plan

The work that was done in the previous chapters has laid the groundwork or foundation for the next floors of our building. The next steps create a comprehensive planning environment that serves as the reference guide for the family.

To build this plan the family must gather together all the information about family assets, income, investments, trusts, estate plans, business and other legal structures and all the other information needed to reorganize into a values based plan.

At this point it is very important to bring in a legal team that can review all the documents and determine if there are hidden liabilities and/or compliance issues. This puts the family on a complete sound footing.

Using the model shown in the diagram, the work of planning is dependant on the family members’ work and family culture

Each individual in the family creates their individual plan that includes discovering their core values, natural gifts, lessons, purpose, vision, mission and identity. When the core values of each family member of compiled along with each family member’s assessment of the family values then the family culture framework is created. This includes the values, vision, mission, constitution and principle/laws.

Let’s look at what drives what in this process. We know that the individual family members’ combined drives the family values. The values then drive the vision (what fulfillment is to the family). The vision drives the mission (how to create fulfillment). The values, vision and mission drive the family constitution and principles/laws.

The estate plan is driven by the family values and family vision. Family values and the company’s values, vision and mission drive the succession plan. Notice that Lifestyle is driven by values, vision and principles. The Investment Plan is driven by the Estate, Succession, Philanthropic and Lifestyle. In creating an investment plan you need to know the values, vision and what the other plans include so you can build the investments according to the needs. Then the money being created by the investment plan has purpose and direction. That means it is more than just making money or keeping it.

The Life Plan is the book that keeps all the information organized.