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

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

 

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

 

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.

 

No Cookies | The Courier Mail

It seems there was no valid will and the properties are held in a discretionary trust.

 

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

 

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

 

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:-

 

I thought you were talking about the acronym.

 

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

 

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.

 

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?

 

Our friend Dr Google only seems to come up things like this:-

KISS 1978 PINBALL MACHINE IN AMAZING CONDITION TOTALLY ORIGINAL | Video Games | Gumtree Australia Swan Area - Malaga | 1113537048

Ouch, pretty pricey

 

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

 

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?

 

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.

 

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.

 

Surprisingly the wealth can stay through generations too
http://blogs.wsj.com/economics/2016...today-are-the-same-families-as-600-years-ago/

 

Fascinating - thanks for the link/

 

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

 

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.