By Paul & Wes Karger, Co-Founders and Managing Partners of TwinFocus
Decades ago, ultra-wealthy families could shroud their children from their net worth and could be much more discreet. Of course, children would know that their parents had material wealth based on the environment in which they were raised – the size of their home(s), make/model of cars in the driveway, lavish trips on a private jet, etc. – and would understand it more as they grew older. But they likely wouldn’t know the sheer level of family wealth nor annual income until having reached adulthood. And, oftentimes, they only gained insight into the true family fortune after receiving an inheritance.