Staff
A recent study finds the majority of rich families lose their wealth as it trickles down to both second- (70%) and third-generation (90%) heirs, reports Time.com.
This occurs because many families (64%) fail to share how they manage wealth with their children, says the study. And, most parents (78%) say they children aren’t financially responsible enough to handle large inheritances.
Read more on the study results.
Also, check out these articles on how to help wealthy families preserve their assets.
Too much generosity can spoil children
How Canada’s wealthy will retire
Help parents teach kids about money
How to retain your clients’ kids
Advisors overestimate how well they understand rich clients