If your parents are like an increasing number of aging Americans, you may be surprised to find out that they are not planning on giving you an inheritance. The results of a recently released survey reveal that more and more parents and grandparents are choosing to skip an inheritance and instead use the wealth they’ve acquired in other ways.
Bank of America’s private wealth management arm, U.S. Trust, recently released survey results that it acquired after speaking to about 640 people who had individual investment assets greater than $3 million. 25% of the respondents stated that they preferred to leave their money to charity or organizations that help deal with social problems rather than leaving it to children or grandchildren.
On the other hand, just over 25% said they wanted to spend the money while they still could, using it for their own enjoyment. A relatively small 7% said that they didn’t believe they would have any money left over to leave behind.
Of those who stated they wished to leave behind an inheritance for their children, many expressed a concern that doing so might compromise their child’s work ethic. Many of these people stated that while they planned on leaving an inheritance, they would not leave their children their entire estate and would only leave something to make their lives a little easier.
Michael Robinson, Estate Planning Attorney
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