Family offices may be familiar with the Chinese proverb: “Wealth does not pass three generations.”  “Shirtsleeves to shirtsleeves in three generations” is the American equivalent, and the same phenomenon is found throughout the world. In England, they say, “Clogs to clogs in three generations.” In Italy it’s, “From the stables to the stars to the stables in three generations.”  Interestingly, failure to transfer money (or a ...

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