de bene esse: literally, of well-being, morally acceptable but subject to future validation or exception
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Welcome to the Wellington Burt School for Wealthy Parenting.
A rich timber baron of Michigan, Wellington R. Burt, died in 1919 with a fortune but to protect his offspring, declared his fortune be bestowed 21 years after the death of his grandchildren. His intent - to prevent the characters of his children and theirs becoming sullied by entitlement and avarice.
Generation skipping trusts and myriad estate-planning structures have existed for years but typically spared the grandchildren. This trust was particularly complex.
Throughout their lives, Burt's children and grandchildren did receive small "allowances." His family will now inherit approximately US$100 million and they are a substantially larger group of descendants.
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