How The Wealthiest Families Make And Lose Their Money -- Part 2

Thomas Paine wrote, "When we are planning for posterity, we ought to remember that virtue is not hereditary." Similarly, when we are planning for our family's posterity, we ought to remember that mom and dad's management skills and financial discipline are not hereditary. For this reason, professional management of the family firm -- whether an operating business or an aggregation of investments -- is essential.