Wednesday, May 25, 2011

Control From the Grave

There is a fine line between protecting your family's inheritance and controlling from the grave.  I recently read an article about Wellington R. Burt who died in 1919, yes 1919 that is not a typo, who left behind a multimillion dollar estate.  At one point in time, Mr. Burt was ranked among America's eight wealthiest men.  He had written into his estate planning documents the unusual provision that his estate would not be distributed until 21 years after the last of his grandchildren died.  That 21 years has finally come, 92 years after Mr. Burt's death.  He did provide for his children, ranging from $1,000-$30,000/year.  His estate is currently valued at approximately $100 million.  I bet his children wished their father would have provided more for them and their children.  Attached is an article about Mr. Burt's estate and his heirs.  It's an interesting read.  In addition our partner, Jeff Matsen, is quoted regarding the unusual nature of Mr. Burt's bequest.  http://bit.ly/mulz4y

Jason Salinardi

BridgeBuilder

Thought for the Week

"A man always has two reasons for doing anything:

a good reason and the real reason."

~ J.P. Morgan