CHAPTER 6Parents
Giving
In this chapter, we consider the role of being a parent within a family with significant wealth. We consider that role from the standpoint of a fundamental activity: giving.
Gifts are the lifeblood of family. Parents give their children care, education, a place to live, clothes to wear, and so much more. In families with significant wealth, gifts play a large but often undiscussed role. They may take the forms of annual exclusion gifts, gifts of tuition, trust interests, shares in a business, and bequests. How these gifts are given may determine whether children go on to live happy, fulfilled lives or whether they lead lives of subsidy, dependency, and entitlement.
The key to giving wisely is to recognize that every ...
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