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Parenting Positive Kids Parenting Positive Kids

Do you think the ultra-rich should leave their kids an inheritance?

Posted by on Jun. 21, 2012 at 5:12 AM
  • 5 Replies

Ultra-Rich Parents Refuse to Leave Kids an Inheritance & the Joke's On Them

Posted by Jacqueline Burt on June 19, 2012 

moneyHere's an interesting question to ponder, as a parent: Let's say you happen to be "ultra-rich." (No, I didn't make that term up.) "Disposable income" is your middle name. Money up the wazoo. But of course, you can't take it with you, so where do you want it to go when ... well, when YOU go?

The obvious answer would be to leave your beloved children a sizable inheritance. Right? I mean, I'll admit I'm not "ultra-rich," but I've always thought part of the point of BEING ultra-rich is having the ability to provide for your family for generations to come. Or maybe not. Because according to a report from U.S. Trust, Bank of America's private wealth management division, some 32 percent of the super-wealthy "don't feel it's important to leave an inheritance for their children."

Why? Well, some folks planned to donate their money to charity, which is cool, while others figured most of their funds would end up paying for the medical expenses of their old age anyway. But apparently the majority of people who took part in the study didn't want to leave their kids an inheritance because they felt that "each generation should earn its own wealth."

Okay, I kind of get this on an idealistic, teach your kids self-sufficiency, nobody gave me any hand-outs level. Learn the value of hard work, blah blah blah. But what if the economy gets even worse and earning wealth becomes an impossibility? What if unforeseen circumstances arise -- illness, natural disaster, a zombie apocalypse -- and your kids are left high and dry through no fault of their own?

Personally, I think Bill Gates has the best approach (well, he is sort of a smart guy). He's said that his children "will be given an unbelievable education and that will all be paid for. And certainly anything related to health issues we will take care of. But in terms of their income, they will have to pick a job they like and go to work."

Naturally, since their dad is Bill Gates, his kids will probably have way cooler job opportunities than the average young adults. But the concept still applies. Like I said, I'm not ultra-rich, but I hope to be able to provide education (it may not be unbelievable) and health care for my kids, too.

And an inheritance, if I can.

Do you think the ultra-rich should leave their kids an inheritance?

by on Jun. 21, 2012 at 5:12 AM
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Replies (1-5):
beadingmom17
by Member on Jun. 21, 2012 at 5:14 AM
Just because mommy and daddy are rich, doesn't mean the kids are!

I think if they feel so inclined to leave one, great! If not, then it's their money...they earned it, they can do whatever with it.
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black.eyeliner
by on Jun. 21, 2012 at 5:21 AM

Should they? - No. Each family situation is completely different. You know the movie Mommy Dearest right. Most people do. The story of Joan Crawford and her two kids who got nothing from her estate. But what most people do not know if Joan had four children and the movie is believed to be a bunch of lies from a girl who got written our of the will so the money could go to charity. Her twins were conveniently left out of the sordid story.

It is always nice is you can leave your children with something. My grandmother gave me my inheritance before she died. It helped me greatly. I plan to do the same with my children. Nothing wrong with either way. You must do what works for you.

mysticalmalissa
by Gold Member on Jun. 21, 2012 at 5:27 AM

Its not something I've ever given thought to or feel I should worry about (someone elses money). If they want to, sure, if they dont, fine?


SabrinaLC
by on Jun. 21, 2012 at 7:59 AM

I don't know.

Meltopia529
by on Jun. 21, 2012 at 10:27 AM

 I don't think its necessary. Its the parents choice to do what they want with their money

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