This was great. I'm fascinated by the challenge of passing down to posterity something of value without letting it dissipate through this type of successive division among heirs that Tocqueville describes. The great benefit of primogeniture was that it concentrated wealth across generations. But this is obviously harder to do if you intend to treat (multiple) children equally.
I appreciate some of the alternatives to property that you mention for developing an "esprit de famille," such as a business or family trade. I'd be very interested in your ideas on these if you ever feel inclined to cover them in future posts.
I'll definitely have to expand on it! And yeah, I mean I'm not going to leave everything to one kid. Doing so would create too much resentment over time. One thought is that you could set up a trust that benefits the next generation equally, but remains intact over time. The benefits themselves might diminish with each generation, but the size of the trust itself wouldn't have to. But of course, then the trust has to generate enough income to sustain itself and pay for its own maintenance, and also to have some material benefit for the trustees.
Excellent post. My brother and I are determined to engender a sense of "heritage" in our respective families. I believe that family identity is one of the fundamental things that families are lacking in nowadays. Similar to what you wrote about "esprit de famille" a strong family identity creates in the members a desire to carry on and pass down not only material possessions, a sense of who the family is and what they are about. As my brother and I's families grow, we desire to instill in our own children a family identity that is larger than themselves, one that can last far down the line. Thanks for your take on families!
Great stuff. Reminds me of many of the themes in the Reimagining Wealth series over at Public Discourse.https://www.thepublicdiscourse.com/2022/11/86006/
I love this essay, which I think I first saw from your blog. Seriously great stuff
This was great. I'm fascinated by the challenge of passing down to posterity something of value without letting it dissipate through this type of successive division among heirs that Tocqueville describes. The great benefit of primogeniture was that it concentrated wealth across generations. But this is obviously harder to do if you intend to treat (multiple) children equally.
I appreciate some of the alternatives to property that you mention for developing an "esprit de famille," such as a business or family trade. I'd be very interested in your ideas on these if you ever feel inclined to cover them in future posts.
I'll definitely have to expand on it! And yeah, I mean I'm not going to leave everything to one kid. Doing so would create too much resentment over time. One thought is that you could set up a trust that benefits the next generation equally, but remains intact over time. The benefits themselves might diminish with each generation, but the size of the trust itself wouldn't have to. But of course, then the trust has to generate enough income to sustain itself and pay for its own maintenance, and also to have some material benefit for the trustees.
Excellent post. My brother and I are determined to engender a sense of "heritage" in our respective families. I believe that family identity is one of the fundamental things that families are lacking in nowadays. Similar to what you wrote about "esprit de famille" a strong family identity creates in the members a desire to carry on and pass down not only material possessions, a sense of who the family is and what they are about. As my brother and I's families grow, we desire to instill in our own children a family identity that is larger than themselves, one that can last far down the line. Thanks for your take on families!