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By Bruce DeBoskey, The DeBoskey Group, PPI Dean of Philanthropy

Special to The Denver Post | 08/09/2015

When meeting with affluent family clients, advisers frequently invoke the warning: “shirtsleeves-to-shirtsleeves in three generations.” This popular quote strongly suggests that, without careful planning, a family’s wealth will be dissipated by the time it reaches the grandchildren of the wealth-creating generation. It is thought to derive from the old English proverb, “there’s nobbut three generations atween a clog and clog.” Over the next 35 years, the largest transfer of wealth in history will take place. In the U.S. alone, it is estimated that more than $40 trillion will transfer from baby boomers to the rising generations. In addition, the ownership of thousands of family businesses will transfer to younger family members…

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