We Listen.

Passing Wealth Across Generations – Ivanka Trump’s Perspective by: David Frees

I was fortunate to be a speaker last week at the same conference as Donald Trump’s daughter, Ivanka. And, better yet, the topic of Ivanka’s speech had to do with how she was raised and why she works so hard despite her family’s wealth.

David Frees, Ivanka Trump and David's son Alex Frees
David Frees, Ivanka Trump and David’s son Alex Frees

Now as most of you know, the passing of wealth between generations and the way in which we raise and prepare our children to receive wealth, however much or little, is a topic of concern to me and to my clients. It is a concern to me as a parent. It is of interest and concern to me as the past Chair of a community foundation that supports family philanthropy, and as a lawyer that advises clients on these issues, and it is of concern to me as a citizen of a great and wealthy country that must grapple with the issue of how our heirs and descendants will live in a complex world with a disparity of wealth and resources.

It is one which I write about frequently, and think about daily with clients and for myself.

So, I was delighted to be at this conference with my youngest son Alex and to find Ms. Trump to be a humble, hard working, and thoughtful woman who thinks about this topic. She is building her familiy legacy by extending the brand to new areas where she and her brother are responsible for the results and she days that her dad would fire her if she gave him cause.

She attributes, at least in part, her work ethic to the fact that her parents instilled in her a duty of self reliance. She said that she never ceased to be amazed by the younger generation of her wealthy peers who talked about flying in “their jets.” “Those jets belong to their parents not to those children,” observed Ivanka.

She is grounded, writes thank you notes, writes handwritten letters to people she respects and from whom she wants to learn. And, while she correctly observes that her name might get more recognition she encouraged others to simply try it. To be thankful, to write to others and to learn from those they respect. That’s good advice for any person, at any age, and at any level of wealth.

So, if the Trump family can achieve a third generation committed to work, to business, and to preserving the family legacy and at the same time being a great person, then I have high hopes for thoughtful clients on this issue.

If you have any questions about my visit and Ivanka Trump’s speech, just leave a comment below or email me at dfrees@utbf.com

Share on Social Media
  • Facebook
  • Twitter
  • Google+
  • LinkedIn
  • Email

Leave a Reply

Sophisticated, Responsive and Focused.

  • “At Unruh Turner Burke & Frees, the client’s objective is never lost in the details and as a result, even complex deals get done quickly and efficiently..."

    Read More...

  • “Unruh Turner Burke & Frees has been a tremendous resource to me and my team throughout the past 17+ years. This highly-talented group delivers the...”

    Read More...

  • “Unruh Turner Burke & Frees has been a trusted source of advice and counsel on all levels of governmental law and regulation, from zoning and land use...”

    Read More...

  • "Our Trust Department has utilized Unruh Turner Burke & Frees’ expertise for several years to assist our clients with their overall estate plans. They..."

    Read More...

  • “Over the last 25 years Unruh Turner Burke & Frees has represented our residential building and development enterprise in many capacities including real..."

    Read More...

  • "Based on my long-term relationship with Unruh Turner Burke & Frees, I can wholeheartedly recommend its services to any business owner who wishes to work with...”

    Read More...

  • “We recently hired Unruh Turner Burke & Frees to handle a conditional use application for our Chestnut Street Lofts apartment project in downtown West Chester..."

    Read More...

  • “I have been working with Unruh Turner Burke & Frees for many years. They have provided legal counsel in the areas of Estate Planning, Land Use, Litigation and...”

    Read More...

  • “I have relied on the firm's legal advice to make critical decisions on handling family wealth and making appropriate decisions for my family's future.”

    Read More...

  • “… This highly-talented group delivers the highest quality legal work and brings real-world experience in a very cost-effective manner…”

    Read More...

  • "If there is an issue facing a municipality, Unruh Turner Burke & Frees is the source for sound guidance and direction.”

    Read More...

  • “…They have provided legal counsel in the areas of Estate Planning, Land Use, Litigation and Real Estate. In every one of those areas I have been blessed with great ...”

    Read More...

  • "Whether we are competing in a strong market or working through a declining market, it has always been reassuring to know that Unruh Turner Burke & Frees has both..."

    Read More...

meet our elite team
West Chester, PA
17 West Gay Street
P.O. BOX 515
West Chester, PA 19380
(610) 692-1371
Phoenixville, PA
120 Gay Street
P.O. Box 289
Phoenixville, PA 19460
(610) 933-8069
Paoli, PA
43 Leopard Road, Building II
Suite 302
Paoli, PA 19301
(610) 240-0750