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Carnegie Steel Fortune Still Supports Descendants a Century Later

Original: In 1907 Henry Phipps Put His Carnegie Steel Fortune Into Trusts for His Five Children and Hired a Staff to Run Them. His Descendants Are Still Drawing on It, and the Structure He Used Is One an Estate Lawyer Can Still Build Today

In 1907 Henry Phipps, Andrew Carnegie's partner at Carnegie Steel, placed his fortune into trusts for his five children and hired professional staff to manage them. More than a century later, his descendants are still drawing income from those trusts. Financial writers point out that the structure Phipps used is a classic estate-planning tool that any estate lawyer can still set up today for wealthy families seeking to preserve wealth across generations.

Why now: The story highlights a long-lasting example of generational wealth preservation that resonates with current interest in estate planning and family trusts.

Henry PhippsCarnegie SteelAndrew Carnegie24/7 Wall St.

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• In 1907 Henry Phipps Put His Carnegie Steel Fortune Into Trusts for His Five Children and Hired a Staff to Run Them. His Descendants Are Still Drawing on It, and the Structure He Used Is One an Estate Lawyer Can Still Build Today · 24/7 Wall St.

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