WCP: The Womb of Intergenerational Wealth

“Shirtsleeves to shirtsleeves in three generations” is a common adage in respect of intergenerational transfer of wealth and family businesses. The first generation creates the wealth, the second stewards it and the third consumes it. Sadly, less than 10% of family wealth survives the transition to the third generation.

Yet it is possible to counter the shirtsleeves-to-shirtsleeves paradigm and effectively differentiate yourself as a true manager of long-term family wealth. The key is to understand and avoid the four basic mistakes people typically make during intergenerational wealth planning.