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Shutting Out The Kids From The Family Fortune


Parsad
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Article about how Wellington R. Burt decided to leave his children and grandchildren very little, but gave the rest to the generations after.  Cheers!

 

http://finance.yahoo.com/family-home/article/112715/shutting-kids-out-family-fortune-wsj?mod=family-kids_parents

 

Thats interesting, and rough. Smart idea, but ........

 

No real way to game that one. "I'm pretty sure he didn't like his family back then," said Christina Cameron, an heir and a great-great-great grandchild of Burt's.

 

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That's pretty sad.

 

Obviously he loved his business or money (or both) too much, to the point that his own family didn t like him. I would be willing to bet that nobody like him.

 

A lesson for all of us.

 

This paper did a 4 part series on him.  Seems inconclusive (if I'm being nice). 

 

http://www.mlive.com/news/saginaw/index.ssf/2011/05/wellingtons_millions_92_years.html

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A classic and commonly tested Property Law concept for first year law students is the Rule Against Perpetuities--"No interest is good unless it must vest, if at all, not later than twenty-one years after the death of some life in being at the creation of the interest.” 

 

The basis for the rule is that dead hand control of assets is uneconomic and not in society's best interest.

 

In any event, looks like ol' Wellington maxed-out all that the law would allow him to!

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Guest misterstockwell

What kind of crappy trust managers turned his "$40-90 million" estate in 1919 into "$100-110 million" in 2011? Citizens Bank should be ashamed(and sued!)

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