The Man in Power After Being Married into Her Family novel Chapter 4850

A family trust was an extremely secure means of asset protection in Europe and the United States.

There was a saying in Oskia that wealth does not last for three generations. The reason for this was that the fathers were the ones who made the fortunes whereas the children and grandchildren were the ones who lived extravagantly, squander their money, have low vision, and were incompetent in maintaining their businesses which could easily lead to family bankruptcy and overnight reversion to their original form.

The reason for this was because the ability and character of the children and grandchildren were not within their control. Once there was a problem with their ability and character, it would be difficult to prevent the family from going into decline.

What’s more, there were also various natural disasters in addition to man-made disasters.

However, a family trust effectively eliminated the risk of natural and man-made disasters.

Putting one’s own money into the trust meant that one would have given up direct control of the money on the surface. Only one’s descendants or designated heirs would be able to inherit the money in the trust under specific opportunities.

Therefore, even if one were to encounter major problems in the future which would result in the entire family going into debt or bankruptcy, the government and creditors theoretically would have no right to dispose of the other party’s family trust.

This was also the fundamental reason why many established European and American families had been able to remain wealthy for several or more than a dozen generations.

Although the Duncan family had disappeared, all their money had been loaded into the family trust. This was a foolproof method of keeping their money, and they did not have to worry about losing control of their business when they leave, their assets depreciating, or any other accidents.