Sandals to Sandals in 3 GenerationsPosted on March 16, 2009 in Arizona Law Regarding Business Disputes
As a real estate lawyer working in Paradise Valley and Scottsdale for over 20 years, I have seen scores of families ship-wrecked by money. ‘Around the world, inherited wealth is hard to preserve, says an article from Intelligent Life, a quarterly published by one of my favorite journals The Economist:
Families that preserve their wealth over the generations are rare. The fact that the first generation makes it, the second husbands it and the third blows it is so widespread that it reflects reality. Some say, “clogs to clogs in three generations”—a northern English saying—has its equivalent in many other languages: Erwerben, Vererben, Verderben (earn it, bequeath it, burn it) in Germany; “from the stables to the stars and back in three generations” in Italy; and my favorite “from sandals to sandals in three generations” in China.
I once had a Trust fund client show up to Court in a $2,500.00 double breasted Italian blazer with white pressed Armani pants and I am not kidding- sandals. I could hear his grandfather roll over in his grave.
We have significant real world experience at the real estate and commercial law at the Firm of William A. Miller in Scottsdale, Arizona. We also have been helping families set up Estate plans to minimize the above sandals problem for the last 15 years. Give us a call at 480-948-3095 to see if we can help. If nothing else, make your kids work. That will solve 95% of the sandal problem.