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Private family and high net-worth

A deck chair overlooking a lake at a family cottage

The financial and governance challenges of managing the family cottage

Private family and high net-worth /

As summer fades and families prepare to close the cottage for another season, it’s important to remember that these second homes aren’t merely a place to relax and make memories across generations. They can also be a very substantial—and highly emotionally charged—asset in a family’s financial portfolio, presenting a host of financial, tax and governance […]

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high net-worth family on a yacht

How high net-worth families can protect their wealth for generations

Private family and high net-worth /

In our last blog, we shared the cautionary tale of the uber-wealthy Vanderbilt family, whose fortune was squandered in several generations through a combination of over-spending, mismanagement, family expansion and lifestyle factors. If the descendants of one of America’s greatest industrial success stories can see their riches diminish in a few generations, then high net-worth

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Barriers to multi-generational wealth

The barriers to making wealth multi-generational

Private family and high net-worth /

It’s one of the great cautionary tales in financial history. For accountants and wealth managers, it is equal parts baffling and unsurprising. How one of the United States’ greatest industrial families squandered an immense fortune estimated at around $140 billion in today’s dollars (but potentially much more) is difficult to fathom. But the Vanderbilt story

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