Studies show that often both sudden and accumulated wealth generated by first generation individuals have a difficult time maintaining that wealth to provide for future generations.
Professional athletes, lottery winners, trust recipients, etc., are documented to lose approximately 70% of their wealth if not more from the first generation, (ex: NFL player) to it’s second generation (ex: NFL player’s son or daughter). However, even a more striking statistic is that by third generation recipients, the accumulated wealth lost since it’s first generation earnings is at a staggering 90%.
Learning to protect assets, investing in the future, and growing accumulated, or inherited wealth by using tax free solutions is the number one factor in loss prevention of generational wealth among individuals.