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Keep the children from blowing the inheritance ..after death!

Discussion in 'General Property Chat' started by Beano, 29th May, 2016.

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  1. Beano

    Beano Well-Known Member

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    Interesting newspaper article today about the intention providing property income rather than cash wealth for the next generation (P 24 Brisbane Sunday Mail -May 29th)

    Cindy Fleming wanted the 7 Commercial properties (worth $10m) to provide income to the 4 children but the children want the properties sold and distributed

    ps this is the way I read the newspaper article
     
  2. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Maybe they werent content to be small investors with only 10m in cip and wanted to move up?
     
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  3. Hanison

    Hanison Well-Known Member

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    What's the statistics ?

    75% of inherited wealth gone by 2nd generation and
    90% gone by the 3rd.

    Give a fish, teach to fish comes to mind.

    My opinion is wealth is a learned skill.
    Learn it and you'll always earn it.
    Get handed it and as quickly as it appears, so to will it disappear.
     
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  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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  5. Ted Varrick

    Ted Varrick Well-Known Member

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    Also what comes to mind is "..teach to sit in a boat and drink beer all day"...
     
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  6. datto

    datto Well-Known Member

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    Some people blow the inheritance. Others create dynasties of wealth and power.
     
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  7. Ted Varrick

    Ted Varrick Well-Known Member

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    The latter is more preferential than the former.

    Although those creators of wealth and power may have an IP dispute with KISS, who, not only having claim to one of the greatest pinball machines of all time, might have an issue vis a vis:-

     
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  8. Azazel

    Azazel Well-Known Member

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    I thought you were talking about the acronym.
     
  9. Ted Varrick

    Ted Varrick Well-Known Member

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    Azazel, there has never been a pinball machine called Acronym, nor one called Keep It Simple... but your input would be welcolmed...
     
  10. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Leaving assets to someone via a trust is not considered adequate by the courts so a family provision claim could easily get up.

    In NSW trust assets can be attacked using family provision legislation - notional estate orders.
     
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  11. Azazel

    Azazel Well-Known Member

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    I thought you meant their legal department was going after anyone who used the keep it simple... acronym.
    Where do you find this pinball machine?
     
  12. Ted Varrick

    Ted Varrick Well-Known Member

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  13. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I had a pinball machine when i was a kid - cost about $350 back then. now $15k !
     
  14. Ted Varrick

    Ted Varrick Well-Known Member

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    Ouch, Terry, that's gotta hurt. Was it something like Flash or Meteor?

    Or is it still stashed away in your office, for those days when the overwhelming expectations of the moneyed few require some retreat to the Temple of the Silver Ball?
     
  15. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I can't remember the name of it. Wish I still had it but sold it years ago - you get a bit sick of playing the same machine after 5 years or so.
     
  16. Omnidragon

    Omnidragon Well-Known Member

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    No risk no return.

    Keep it all stuck in trusts and you end up like some families - kids do nothing inspiring in life and live off rent.

    Give your kids free rein - they may blow it. Or they will build News Corp.
     
  17. Eugene82

    Eugene82 Active Member

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  18. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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  19. Eugene82

    Eugene82 Active Member

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    I actually read something very similar about the Swedish and Japanese societies. It's easier to track in places where the surnames don't change much. Very similar results
     
  20. Angel

    Angel Well-Known Member

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    Italian shoes, leather goods and fashion are highly prized around the world these days. You can see why shoemakers and silk merchants would be wealthy compared to the peasants.