Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, April 17, 2014

Is Inheritance an Initiative Sucker ?

Will2CNN host Anderson Cooper, does not believe in inheriting money because “I think it’s an initiative sucker. I think it’s a curse.” Despite his wealth, his feelings towards inheritances are not unique. According to the Insured Retirement Institute, less than half of the baby boomers think it is important to leave an inheritance to a loved one. That number has decreased over the years from two-thirds to 46%. Financial planners are quick to explain that folks who want to leave inheritance, but do not plan can leave their heirs with many problems.

People that want to provide an inheritance should work with a reputable financial adviser. Working with an adviser will increase the amount of money you are able to leave to your heirs.  The survey also indicated that 53% of those who worked with advisers claim they feel comfortable and confident about their retirement plan. In contrast, of those without advisors only 21% felt confident about retirement.

See Bart Astor, What Kind Of Inheritance You Owe Your Kids?, Forbes, Apr. 14, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.


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