04-03-2013, 09:30 PM
I'll agree that there is a difference in perceived 'merit' between Trustafarians and a multi-generational family run business. But... who decides who is 'meritorious' ? The Waltons are the wealthiest 'dynasty' on the Forbes list. They don't run daddy's company any longer. But most of them have some philanthropic activity or another.
My grandfather used to say "It takes the first generation to make the fortune, the second generation to maintain it, and the third generation to piss it away."
FWIW, ours is a Manhattan "B" commercial building my great grandmother built in the early 1900's. She managed it, then her son managed it, then his son managed it, and now his daughter manages it. We maintain it, employ a building staff, and the income from the building (S corp) is used by our half of the family to educate our children (and yes, buy 'em Macbooks when they get to college). The other half of the family (Great Aunt's only daughter) uses it to support a lavish lifestyle and is a general pain in the tush.
Heck, we just finished upgrading the entire building heating and lighting system to meet NYC code, and cut our effective income in half for two years. We've always kept it well maintained and safe, and treat our lessees professionally.
My grandfather used to say "It takes the first generation to make the fortune, the second generation to maintain it, and the third generation to piss it away."
FWIW, ours is a Manhattan "B" commercial building my great grandmother built in the early 1900's. She managed it, then her son managed it, then his son managed it, and now his daughter manages it. We maintain it, employ a building staff, and the income from the building (S corp) is used by our half of the family to educate our children (and yes, buy 'em Macbooks when they get to college). The other half of the family (Great Aunt's only daughter) uses it to support a lavish lifestyle and is a general pain in the tush.
Heck, we just finished upgrading the entire building heating and lighting system to meet NYC code, and cut our effective income in half for two years. We've always kept it well maintained and safe, and treat our lessees professionally.