"Shirtsleeves to shirtsleeves in three generations" is a popular adage used to describe an all-too-common arc of family wealth: one generation builds it, the second generation spends it, and the third must roll up their shirtsleeves to start all over again. The reason for this might be poor communication between family members or a lack of financial savvy among younger members, but the upshot is the same: the wealthy often see their financial legacies vanish in short order.
But according to David Herritt, head of Truist's Center for Family Legacy, there are plenty of ways to out-fox the third generation curse—and have a lot of fun while doing it.
