70 per cent of wealthy families lose their wealth by the second generation, and a stunning 90 per cent by the third.
When I asked financial planners why the wealthy are so poor at passing along money smarts and why second- and third-generation heirs turn out to be so ham-handed, the answers were surprisingly frank: "Most of them have no clue as to the value of money or how to handle it." "Generation Threes are usually doomed." "It takes the average recipient of an inheritance 19 days until they buy a new car."
To learn more about passing your wealth to future generation read this very interesting article from Financial Post: http://bit.ly/1K0euHp