Legacy

Giving wealthy children a start without giving them affluenza

An increasing number of young people are growing up in the midst of the wealth created or inherited by their parents, especially in an economy in which much of the new wealth is being created in the high-tech industry.

This industry was spawned by relatively young entrepreneurs in Silicon Valley and other centers of technological innovation.

The fact that many baby boomers married and had children later in life than previous generations also means that individuals who in the past inherited substantial wealth in their 40s and 50s may now be passing that wealth to their children who are in the 25-to-40 age range when they receive their inheritances and are less prepared to manage their newfound wealth.

One of the greatest challenges facing those who amass significant wealth after rising from humble beginnings is the desire to give their children the benefits that can derive from that wealth without depriving them of the satisfaction of realizing their personal potential.

But, fortunately, the ill effects of affluenza can be prevented or, in some cases, even cured by the integration of philanthropic training with effective estate and financial planning.

Read the full story at Wealth Management.
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