Monthly Archives: May 2011

“Born Rich” — How not to prepare your children for an inheritance

In my first (most recent) blog post on the subject of how wealthy parents can raise their children “to become autonomous and responsible adults,” I gave a list of seven questions. One of these was “How much should I give to my children? … What is ‘too much’?”

There is no more eloquent response to this question than Jamie Johnson’s 2003 documentary Born Rich. Johnson, a fourth-generation heir to the Johnson & Johnson family, made this film at age 23 by interviewing several of his mega-wealthy peers, some of whom have household names for Americans, like Ivanka Trump. Continue reading

“Coming Into Money: Preparing Your Children for an Inheritance,” Part 1

The title of this 50-page booklet from The Inheritance Project is also the subject of this blog entry and several more to come. Of all the thorny issues related to inherited wealth—especially when an inheritance comes early in a person’s life—this is the most important and the most challenging. And the most needed. Lately some American and Canadian banks have started programs—usually a few hours’ altogether—for young heirs. I have also seen some articles online and in newspapers. And there are books, some better than others. I find that, with a few exceptions, the advice given tends to be superficial and to suggest that a quick “fix” can address problems that have been years in the making. Continue reading