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The Top Estates
Elizabeth Harris
08/01/06
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Of all the dangers facing
families of affluence, those most
overlooked—and often most dangerous to both wealth and reputation—relate to the
difficulties involved in devising plans to manage and transfer their estates. For every J. Howard Marshall, whose
final wishes for his ex-Playmate widow Anna Nicole Smith are being disputed in
the highest courts and the lowest tabloids, there are hundreds of families whose
failure to plan, or to articulate their plans adequately, imperils their
family’s fortune and fortunes.While troubled examples abound (see "Cautionary Tales"
), success stories are hard to come by, perhaps because solutions to these
problems require not only the technical skills of accomplished attorneys and
financiers, but also the expertise and insight of a seasoned family counselor.
For our cover story this month, Worth profiles three patriarchs who combined
these attributes and cut the Gordian knots that threatened their families’
fortunes. Their solutions display several common themes: a long-term view toward
preserving a family’s land or business for posterity; a family leader willing to
seize power and make decisions that might not sit well with all of the
relatives; and a willingness to turn over part of an estate to the care of
outsiders in order to preserve it.
Additional Information
 The Calamos Estate
The Maytag Estate
The Bakal Estate
Cautionary Tales
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