Monthly Archives: June 2011

12.2 per cent more millionaires in US … Inevitably, even more inheritors. A crisis of wealth and poverty: The Inheritance Project

Even as much of the world struggles under the burden of fiscal crisis (Greece and Spain, for example, and the United States); just as American states and cities can no longer afford even the most basic funding for education, health care, and infrastructure, Wall Street Journal reporter Robert Frank wrote on May 31 that:

Last year was another good year for millionaires – though their pace of growth is slowing. Continue reading

Trust funds—The Inheritance Project weighs in

One of the six key questions on page 1 of Coming into Money: Preparing Your Children for an Inheritance is: “Should I set up trusts for my children? Or should I give them the money outright?”

This is a particularly complex subject to which there is no quick answer. As a cofounder of The Inheritance Project and an inheritor myself—and as a “trust-fund baby”—it is difficult for me to be as objective in this matter as I would like. My father created an irrevocable trust for me when I was in my twenties, although I didn’t know what was happening because no one ever bothered to explain it to me. And, to be fair, I never asked any questions. I just signed the papers that came in the mail from the trust company and sent them back, and that was that. Continue reading