The Vucurevichs are something of a noble family as far as South Dakota is concerned due to the once extensive banking empire founded by family patriarch John. However, John’s son Tom now appears to be broke after a claim sent to various creditors announced the Vucurevich estate is out of money. This comes as a surprise to many since Tom was viewed as one of the wealthiest men in the state and is associated with a number of high end projects that might now be in jeopardy if the insolvency claim is true. However, situations such as this are increasingly common due to the inherent difficulty in maintaining wealth down through the generations even when advanced planning techniques are used. Multigenerational wealth tends to sputter by the third generation in no small part due to the impossibility of all heirs having the capacity to live within their means no matter how great. While many claim the Vucurevich family is hiding assets, this insolvency claim still serves as an example that a it only takes one person to build, and another to unfortunately lose, a fortune.
See Jonathan Ellis, Banking magnate heir says he’s flat broke, USA Today, August 30, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
