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      Wealth as Well-Being

       Second Edition

       James E. Hughes

       Susan E. Massenzio

       Keith Whitaker

      Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

      Published simultaneously in Canada.

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      While the publisher and authors have used their best efforts in preparing this work, they make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives, written sales materials or promotional statements for this work. The fact that an organization, website, or product is referred to in this work as a citation and/or potential source of further information does not mean that the publisher and authors endorse the information or services the organization, website, or product may provide or recommendations it may make. This work is sold with the understanding that the publisher is not engaged in rendering professional services. The advice and strategies contained herein may not be suitable for your situation. You should consult with a specialist where appropriate. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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       Library of Congress Cataloging-in-Publication Data:

      ISBN: 9781119820031 (hardback),

       ISBN: 9781119820048 (epub),

       ISBN: 9781119820055 (ePDF)

      Cover Design: Wiley

      Cover Image: Wiley

       to my mother, Elizabeth Sophie Buermann Hughes, who first taught me about family and who keeps creating family;

       to my professional partner Anne D'Andrea, who after 32 years still keeps me sane and helping and for whose help I am beyond grateful;

      and to my partner in life and learning, Jacqueline Merrill, who put her arm through mine.

       James E. Hughes

      To my mother, Viola, for giving me a vision of what a complete life, well spent, is. Thank you.

       Susan E. Mazzenzio

      To my family, my friends, and my loving partner—my complete wealth.

       Keith Whitaker

      What is very hard? To know yourself.

       Thales, the first philosopher

      This new edition of Complete Family Wealth contains a number of noteworthy changes.

      We have updated the first chapter's discussion of qualitative capital to reflect the latest thinking in the field, which distinguishes among five types of non-financial wealth: human, legacy, family relationship,

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