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Important Considerations for Generational Wealth Planning

Cornelius Vanderbilt had an estimated fortune of $100 million when he died in 1877. His son, William, doubled that fortune over the next 10 years, to the equivalent of over $5 billion in 2022 value. But today, the Vanderbilt fortune has all but disappeared. Some of the disappearances are due to the simple arithmetic of now six generations. Some are due to gambling problems and pure overspending. But a significant cause of the Vanderbilts’ loss is the lack of proper management. Thankfully we can learn from their mistakes.

Let’s highlight some of the most important steps for managing generational wealth.