Your Parents May Favor a Charity Over You
July 19, 2012 By Deborah Sexton Law Office, PA
Thinking about an inheritance you might receive is an exercise that's filled with competing emotions. While you never want to think ill of your parents or grandparents, knowing that you stand to inherit significant money or property can make life much easier, especially if money is tight
However, new survey data shows that an increasing number of parents are choosing not to provide their children with any inheritance at all.
US Trust, a division of Bank of America that manages private wealth, recently released the results of a survey it took after speaking to 642 participants. Those surveyed fell into the categories of either high or ultra high net worth, meaning they had personal wealth of at least $3 million or more. 32% of those who responded said they do not feel that leaving their children an inheritance is important. Of those baby boomers who responded to the survey, 45% of them answered in the same way.
Instead of leaving it to their children, 25% said they would prefer to give it to a charity or nonprofit organization in order to help solve social problems. Slightly more than 25% said they plan on using the money for their own enjoyment because they worked hard to acquire it. Only a small minority, 7%, believe that their wealth could disappear by the time they died, leaving them nothing to leave behind.
While those numbers may seem daunting, many respondents said it was important for them to leave an inheritance, while others reported that they planned on spending the money on their children while they were still alive instead of leaving it as an inheritance.
ABOUT THE AUTHOR: Deborah Sexton
Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR.
Copyright Deborah Sexton Law Office, PA
More information about Deborah Sexton Law Office, PA
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
US Trust, a division of Bank of America that manages private wealth, recently released the results of a survey it took after speaking to 642 participants. Those surveyed fell into the categories of either high or ultra high net worth, meaning they had personal wealth of at least $3 million or more. 32% of those who responded said they do not feel that leaving their children an inheritance is important. Of those baby boomers who responded to the survey, 45% of them answered in the same way.
Instead of leaving it to their children, 25% said they would prefer to give it to a charity or nonprofit organization in order to help solve social problems. Slightly more than 25% said they plan on using the money for their own enjoyment because they worked hard to acquire it. Only a small minority, 7%, believe that their wealth could disappear by the time they died, leaving them nothing to leave behind.
While those numbers may seem daunting, many respondents said it was important for them to leave an inheritance, while others reported that they planned on spending the money on their children while they were still alive instead of leaving it as an inheritance.
ABOUT THE AUTHOR: Deborah Sexton
Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR.
Copyright Deborah Sexton Law Office, PA
More information about Deborah Sexton Law Office, PA
View all articles published by Deborah Sexton Law Office, PA
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
