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  1. #1
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    Default Michigan Man leaves fortune to family....21 years after grandchild's death

    I read this, and found it amusing. Heck, I wish my ancestors were rich like that.

    Article(also posted below)

    Want to avoid raising spoiled kids?

    Consider the Wellington Burt School of Wealthy Parenting.
    Wellington R. Burt was a rich timber baron from Saginaw, Mich. He died in 1919 with a multimillion-dollar fortune -- one of America's largest at the time.


    The Saginaw News/APWellington R. Burt
    Yet rather than risk messing up his kids lives with a huge inheritance, he created an unusual will.
    He stated that his fortune would be distributed to the family -- but only 21 years after his grandchildren's death.

    His children and grandchildren weren't entirely deprived. Burt gave his "favorite son" $30,000 a year but the rest of his children got allowances roughly equal to those he gave his cook and chauffeur, according to the Saginaw News.

    "I'm pretty sure he didn't like his family back then," said Christina Cameron, an heir and a great-great-great grandchild of Burt's.

    Now that it's 21 years since the death of the last grandchild, the fortune is finally being turned over to Cameron and 11 others, including three great-grandchildren, seven great-great grandchildren and another great-great-great grandchild. The fortune is valued at more than $100 million. (She'll get a little more than $2.6 million, since those further up the family tree get more under a master agreement).

    Saginaw County Chief Probate Judge Patrick McGraw said the estate is "one of the most complicated research projects" he's faced in his 12-year career in Saginaw.

    Of course, skipping a generation is not unusual among rich parents who want to send a message to their kids (but somehow not their grandkids). Generation-skipping trusts and other estate-planning structures have been around for ages.

    But Burt's will takes kid-skipping to a new, almost punitive level. Who knows, maybe his kids and grand-kids were better off for the lack of inheritance, or maybe the money would have allowed them to lead fuller, happier lives. We'll never know. It would be interesting to compare the lives of his new heirs with those who were shut out.

    What do you think of Burt's School of Parenting?

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    I kinda-sorta get it but to give one son $30K a year (which has a relative worth between $370K and $5.5M in today's dollars depending on how you calculate it) while giving the others cook and chauffeur salaries...yeah, old dude REALLY didn't like his kids...

    Now this is a reality show I'd watch...
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  3. #3
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    I think Warren Buffett is taking this route as well. One of his daughters owns and operates a knitting store in Omaha...


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    I'm intrigued.
    It would be interesting to compare the lives of his new heirs with those who were shut out.
    Yes indeed. It would be very interesting.
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    I think it's interesting.
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    Maybe he knew that his children would squandor the money and not invest it well.
    Just want to say thank you to my fairy PANKGodmother for making me PANK!Time to update my ignore list



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    Quote Originally Posted by Exotica X View Post
    ...What do you think of Burt's School of Parenting?
    I'm the illegitimate child of his grandson?

    Lots of "old money" folks excluded family from wills. I doubt Burt's offsprings were total deprived... cursed his grave maybe.

    Cool. Instant lotto for great grands who are praising to the heavens.

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