Reply to Downward social mobility - anyone worries about it?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Why do you care if your kids have a downward trajectory - especially if they themselves don’t particularly care? It happens all the time. Family fortunes go up, and down. [/quote]

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My family has been in the US since the  Revolution.  There have been a lot of ups and downs in the family’s fortunes since then.  For some reason, wealthy people today seem to think that family fortunes stay intact over generations. [/quote]

No, but it’s a lot easier to structure intergenerational wealth to help preserve it today than it was in the past. And the amount of financial education you can instill in your kids is much greater.[/quote]

why would you think that??  the edwardians who had money had inherited that wealth  from the 16th century and it was all lost in a period of 20-30 years.  the world has become more unstable now than it was before ww1, not less and while a lot of brits pulled through the 1930s and 40's.. by the 50s their great homes that had been in their families for 400, 600 years sometime longer were schools, hospitals and housing estates.  its absolutely not certain that americans or just white people in general will be able to hold onto their wealth in a rapidly decolonizing world.  I know several landed and titled people and their holdings have only recently grown to anything like what they were before and with this new extreme inequality and rebellion against oligarchy.. it might all get taxed away again.  And you cant just run and hide in thailand-- haven't you read Empire of the Sun??  I say decolonizing b/c the structures that allowed the exploitation of resources are being adequately challenged and changed now.. it hadnt really happened before.   if there was one thing I learned from my jewish neighbors- its that the good times are never certain and you have to have back up plans and resilience in your back pocket.  [/quote]

Tell me you’re unfamiliar with trusts without telling me you’re unfamiliar with trusts.[/quote]

The Rockefellers have tons of trusts but the fortune that was passed onto heirs (a ton was given to charity…but a ton also given to heirs) is now basically 95% gone.

It’s distributing the fortune over lots of heirs…many of which don’t add anything to it…that eventually squanders it all.[/quote]

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