Your Parents May Favor a Charity Over You
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.
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estate planning and business planning resources to residents of Fayetteville AR. To learn more about
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