Lessons from celebrity-estate planning cases for advisors.
Celebrity Estates: Kirk, Michael and Cameron Douglas and the Challenge of Measuring up to Previous GenerationsCelebrity Estates: Kirk, Michael and Cameron Douglas and the Challenge of Measuring up to Previous Generations
Many children born into prominent families struggle with the expectations.
The Douglas family started their legendary Hollywood career with Kirk Douglas in 1946, who became a major box office star. Michael Douglas later surpassed his father’s great fame, receiving numerous accolades. However, Cameron Douglas, Michael’s son, struggled to continue the family’s Hollywood legacy.
In this episode, David Lenok speaks with Dr. Jamie Weiner, co-founder of Inheriting Wisdom, on the struggles children face when born into prominent families. Weiner shares examples of wealthy children, how they viewed the world compared with other children and the impact this has on their development within society.
Weiner discusses:
The challenge of measuring up to previous generations;
Four steps to developing self-worth;
How a liquidity event impacts the way families think about money;
The role of mentors in the lives of children born into prominent families;
And more.
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