Articles By John Erik Fraker
“I still believe in the philosophy … that a very rich person should leave his kids enough to do anything but not enough to do nothing.”
~ Warren Buffett
When considering one’s family legacy, one of the most important questions facing affluent families is, paradoxically, one that receives the least attention.
Namely: “How much of an Inheritance is appropriate for your children?”
This is a question that few middle class families will ever need to ask themselves. In their case, the amount of money, real estate and life savings that they leave to their children will not pose a risk of changing the lifestyles of those children in a dramatic way.
However, for affluent families, this is a critical issue that requires careful consideration, because it may have a very real impact on one’s legacy.
For instance, without considering the issue of an appropriate inheritance for one's children, a family will find it difficult to engage meaningfully in family philanthropy.
In addition, for some families, leaving the majority of their estate to their children very well may wind up being a curse, instead of a blessing.
Let me give you an illustration of what I mean.
When I bring this question up to my clients, the conversation usually goes like this:
John Erik Fraker is the chair of the Charitable Planning & Philanthropy Practice Group for Ainer & Fraker, LLP. Specializing in high level estate planning, philanthropy, and charitable planning, John excels at providing sophisticated financial solutions and advanced charitable techniques that help individuals reduce taxes, provide a lasting legacy, andstrengthen the family’s core identity.
Prior to co-founding Ainer & Fraker, LLP in 2002, John handled the investment and insurance needs of high-net worth families as a fee-only financial planner in the affluent Brentwood - Santa Monica area of Los Angeles. Additionally, he worked as Business Development Officer for the Trust Department of a major Regional Bank.
As an attorney with expertise in financial and insurance planning, John is the co-founder, along with Leon Ainer, of “Family Harmony Estate Planning,” a system for designing estate plans to help families achieve lasting cohesiveness while mitigating potential, future inter-family lawsuits.
A former treasurer of Rotary International, Saratoga Chapter, John is actively involved in community service in the West Valley area of Silicon Valley. Through his local church, The River Church Community in San Jose, he co-led a team that traveled to Romania to partner with the Casa Viata Noua (House of New Life) orphanage in Constanta, Romania.
Additionally, John was an instructor of Political Science at West Valley College, where he taught “Introduction to American Government” from 2002—2005.
The name of this website was inspired by a quotation from author Tim Kimmel: "You've been given a piece of history in advance — a gracious gift you send to a time you will not see."
When we think of legacy, it may be that we think of our estate, our financial arrangements, etc. But the "piece of history," the "gracious gift" we are encouraging you to consider is not a monetary legacy, but a legacy of values: those priceless intangibles — all that we have learned, all that we have overcome, all that matters most to us .... and to those who follow in our footsteps.
Will you follow the path of ancient wisdom?
Hear this, you elders;
listen, all who live in the land.
Has anything like this ever happened in your days
or in the days of your forefathers?
Tell it to your children,
and let your children tell it to their children,
and their children to the next generation.
The journey ahead of you is a long one. But the reward which awaits you and which awaits your future generations is the planting of a heritage with lasting significance.
There is no doubt that you will send a legacy to future generations. The question that must be answered is, "What legacy will you send?"
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