I thought this was an interesting article that I'm sure some of us will have to give some thought to in the future.
http://www.stuff.co.nz/stuff/0,2106,3614681a1864,00.html
A few quotes:-
Warren Buffett won't be giving all of his $36 billion fortune to his heirs: `The idea that you get a lifetime of food stamps based on coming out of the right womb strikes at my idea of fairness.'
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"Whatever their circumstance, they all talked about the difficulties of finding your own identity and achieving in your own right and of coming out of the shadow of your family and fortune."
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"It's interesting that very few people see an inheritance as seed capital to try to outdo the parent," says Merrill Lynch's first vice-president of investments, Matthew Koch. "Look at Kerry Packer and Rupert Murdoch. They used their money to outdo the father."
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Door-to-door salesman turned retail guru Gerry Harvey was among Professor Gilding's survey participants in 1999. He echoes the professor's findings when he agrees to be interviewed, saying, "but you can forget about talking to my kids, they won't want to be interviewed".
Mr Harvey confesses that inheritance is a topic close to his heart: "I don't believe in dynasties," he says. Then again, you could say Mr Harvey has been burnt.
In 1998, he was forced to tell shareholders that his son, Michael, his anointed heir, had "dogged it on him", quitting his post as managing director after only four years to spend more time surfing. As he farewelled corporate life, Michael quipped he was never going to be short of a quid so why become yet another burnt-out executive.
http://www.stuff.co.nz/stuff/0,2106,3614681a1864,00.html
A few quotes:-
Warren Buffett won't be giving all of his $36 billion fortune to his heirs: `The idea that you get a lifetime of food stamps based on coming out of the right womb strikes at my idea of fairness.'
_______________________________________
"Whatever their circumstance, they all talked about the difficulties of finding your own identity and achieving in your own right and of coming out of the shadow of your family and fortune."
_______________________________________
"It's interesting that very few people see an inheritance as seed capital to try to outdo the parent," says Merrill Lynch's first vice-president of investments, Matthew Koch. "Look at Kerry Packer and Rupert Murdoch. They used their money to outdo the father."
________________________________________
Door-to-door salesman turned retail guru Gerry Harvey was among Professor Gilding's survey participants in 1999. He echoes the professor's findings when he agrees to be interviewed, saying, "but you can forget about talking to my kids, they won't want to be interviewed".
Mr Harvey confesses that inheritance is a topic close to his heart: "I don't believe in dynasties," he says. Then again, you could say Mr Harvey has been burnt.
In 1998, he was forced to tell shareholders that his son, Michael, his anointed heir, had "dogged it on him", quitting his post as managing director after only four years to spend more time surfing. As he farewelled corporate life, Michael quipped he was never going to be short of a quid so why become yet another burnt-out executive.