The wealthy need to open up to their families about the wealth that they will inherit so that families can continue the wealth long term. The movie Born Rich is a perfect example of how the Johnson family did not talk about their wealth because it was bad taste to openly discuss money. When families avoid the conversation though, it ends in a potentially destructive result though because children will not know how to properly handle the wealth.
See Richard C. Morais, Why the Wealthy Need to Open Up About Money, Barron’s, Nov. 7, 2011.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.
