Warren Buffett’s most recent advice on estate planning, delivered in response to a question at Berkshire Hathaway’s AGM, was as good as it gets.
I sit at my desk at The Inheritance Project, which consists of one small room, one person, nine publications, and nine years since the first book, The Legacy of Inherited Wealth: Interviews with Heirs. I am singlehandedly attempting to keep The Inheritance Project just barely visible because I am unable to understand Google’s impenetrable algorithm logic. I am laboriously typing from an article in today’s The Globe and Mail, May 20, 2013. An article by Thane Stenner in the “Globe Investor” section, called “Lessons in estate planning from Warren Buffett,” offers sage advice from the best expert in the field (IMHO). I humbly submit portions of his wisdom straight from The Globe. (This newspaper perversely keeps its articles online for only one day, so I won’t even try to create a link.) Continue reading
A new term has recently popped up on the Internet and on Twitter, and it came to the attention of The Inheritance Project. This new expression is “trust-fund progressives.” Though there is as yet no definition, the source of this expression appears to be a March 25 NY Times article by Paul Sullivan called “Among Young Inheritors, an Urge to Redistribute.” Continue reading
“They say if you marry money, you earn every cent of it,” says an actress in a play, “The Old Boy,” performed recently in New York. (NYTimes, March 19, 2013).
“Trophy wife” is an expression used to refer to a wife, usually young and attractive, who is regarded as a status symbol for the husband, who is often older and wealthy. (Wikipedia)
Reading the comment from “The Old Boy” brought to mind an interview I did in the late 1990s with Mary, a nanny who had many years’ experience working with ultra-high net-worth families. She described to me her role and what she had observed in these families. Here is a portion of that interview, taken verbatim from my book Like a Second Mother: Nannies and Housekeepers in the Lives of Wealthy Children, published by in 1999 by The Inheritance Project.