Abstract
In an important 1988 article, legal historian John Langbein identified what he regarded as fundamental shifts in the contemporary ethos and practice of wealth transmission in America. Langbein wrote, Whereas of old wealth transmission from parents to children tended to center upon major items of patrimony such as the family farm or the family firm, today for the broad middle classes, wealth transmission centers on a radically different kind of asset: the investment in skills. In consequence, intergenerational wealth transmission no longer occurs primarily upon the death of the parents, but rather, when the children are growing up, hence, during the parents’ lifetimes (Langbein, 1988, p. 723).
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