Charitable Planning Can Cure the 3-Generation Curse
The American version of the old Chinese saying, “Wealth does not pass three generations” is “Shirtsleeves to shirtsleeves in three generations.” Whenever there is a lack of financial literacy, and wherever family values are not emphasized, Vernon Wong of First Hawaiian Bank emphasizes, there exists the very real danger that the wealth will dissipate by the third generation. The wealth attribution rate is surprising high, agrees Augusta Dwyer of Globe Wealth, affecting 90% of family fortunes. Of course taxes, inflation, [...]