Saturday, September 25, 2021
Millionaires are increasingly worried about leaving too much money to their children. Wealthy celebrities have expressed their concern and are worried about how much of their fortunes they should leave to their kids.
"According to a survey conducted by the Motley Fool, which asked 2,000 high net worth individuals — classified as people with a net worth over $ 1 million — about their attitudes toward inheritances."
Among the top concerns was the possibility of leaving too much money to their heirs and what the effects will be. Further, wealthy individuals were concerned that the wealth would be "used irresponsibly" or that it "would cause beneficiaries to be lazy."
According to Motley Fool research analyst Jack Caporal, "What's clear is that high net worth individuals are concerned about the effects of leaving too large an inheritance. . .They are aware of and actively considering leaving inheritances with conditions that incentivize their heirs to pick up on values that they think are important, such as hard work, doing well in school and finding a good career track."
See Nicolas Vega, Nearly 70% of millionaires are worried about leaving ‘too much’ money to their kids, survey finds, CNBC, September 19, 2021.