“Handing down wealth to kids is often a no-win situation. Parents work hard to earn money to leave to their kids. Then they have to work to offset the impact of the money on their kids’ lives. Even then, the results aren’t always successful. … A new survey from Los Angeles-based Bel Air Investment Advisors, surveying wealth kids and their families attending a ‘next generation’ seminar, show that families are well aware of the pitfalls of inherited wealth — yet they keep passing it down. More than half agreed that ‘wealth has made it hard to live up to the success of parents or previous generations.”
Excerpt from a blog by Robert Frank, “The Wealth Report: Robert Frank looks at the lives and culture of the wealthy” Wall Street Journal
Comment from The Inheritance Project: I believe that this advice is true and accurate. And it is sad! My next blog entry will reveal more from this article. Stay tuned.