“Some $59 trillion—the largest intergenerational transfer of wealth in U.S. history—will flow down from estates through 2061”
‘The kids are consuming our wealth, buying Lamborghinis and Bentleys, and we don’t know how to change the pattern,’ ”
….Their research found that 70 percent of inheritors failed in passing their fortunes on to the next generation. The book defined a failure as “involuntary loss of control of the assets.” The overwhelming reason, they found, was either a breakdown in family communication or unprepared heirs. Just 3 percent of failures were attributed to such issues as taxes or legal challenges….
“In our experience, there’s no amount of money that can’t be lost,”…
Demons lurk for the wealthy, to the point that some researchers suggest that affluence creates a greater risk of depression, anxiety, and substance abuse. In one 1999 study of wealthy high school girls in a suburb in the Northeast, 1 in 5 reported clinically significant levels of depression, three times higher than the national average. Wealthy boys showed more anxiety than average…Rich kids have to navigate a complicated psychological stew, including guilt over inherited wealth and stress from the pressures of living up to a family legacy.