In a June 18, 2015 National Post article (How to Keep Your Kids from Blowing the Family Fortune, Chris Taylor, Reuters), discussed were some rates of Family Estate losses from one generation to the next and strategies to preserve it.
The author interviewed some specialists and reviewed some surveys to note the following:
- 70% of wealthy families lose wealth by the second generation, 90% by the third.
- 78% of high net worth individuals feel the next generation is not financially responsible enough.
For further information see VTN Monthly Tax Update Seminar, Issue No. 408