Media Coverage
Source: Vox
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
02.21.24
A massive increase in the number of billionaires has resulted in a rush in wealth transfers between generations and has given rise to new questions about how that money will be spent, according to a recent article in Vox.
Talks of estate tax and trusts laws tightening up and a rush in wealth-transfer have led some of the ultrarich to be “fearful of what the next generation will do with [the money],” Michael Kosnitzky—co-leader of Pillsbury’s Private Client & Family Office practice—told Vox. For some wealthy parents, transferring wealth earlier is seen as another way to proactively control how it’s spent because they’ll still be alive to see how it is used.
“There have always been differences in how older and younger generations view wealth,” he said. “But I believe that today there are very profound differences in how the next generation thinks about wealth and money. And the older generation believes that there is a need to get ahead of that now.”
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