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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMost millionaires plan to leave all to their kids
American millionaires plan to leave the vast majority of their wealth to their kids, giving less than 10 percent to charity, according to a new survey.
The CNBC Millionaire Survey, which polled Americans with a net worth of $1 million or more, found that more than half plan to leave each of their children $1 million or more. One in four plans to leave the kids at least $500,000 and only 4 percent plan to leave their kids less than $100,000.
Among those with $5 million or more in wealth, 88 percent plan to leave each of their kids at least $1 million and one in five plan to leave their kids at least $100 million.
The numbers point to a massive cascade of wealth that could pour down from parents to their kids in the coming decades. They also stand in stark contrast to high-profile megadonors such as Warren Buffett and Bill Gates, who have said they plan to leave almost all of their fortune to charity.
-more-
http://www.msn.com/en-us/money/markets/millionaire-bequest-no-poor-little-rich-kids-here/ar-BBjhwyZ
JustAnotherGen
(31,834 posts)All of my parents' went to my mom as it should have.
His personal wealth (that's our bootleg and juke joint money) his grandfather left him - - he bypassed my brother and sister and gave money to their kids. I don't have children and was not married at the time of my dad's death - so I got an even split of the three kids. ).
I.E. Sister has three - her kids split it three ways
I.E. Brother has two - his kids split if three ways
I also never asked my parents for anything after I graduated from college - so he was clear to my siblings that since I was a single woman without kids he had to take care of me (I was 38 when he died).
My dad's parents split their wealth among 33 grandchildren. Bypassed their nine surviving children. We also had to obtain a 4 year degree and wait until we were 31 to receive it. They didn't want us thinking everything was just going to fall from the sky for us.
The problem with kids thinking they are just going to 'get it' - they never learn how to manage money or the value of a dollar. And then - they don't appreciate the gift or what they can do with it.
beveeheart
(1,369 posts)leaves anything to our gay daughter and grandson. He even hates the idea that I will receive a higher Social Security check if I outlive him. And before you ask, yes, he was a Democrat before he made his money.
hifiguy
(33,688 posts)and the French showed us what to do and how to do it back in Revolutionary times.
Time to get busy here.
JustABozoOnThisBus
(23,356 posts)If some rich French person dies, having outlived his or her spouse, what happens to the money?
Do the French have wills, to leave money to heirs? Or does all the estate just go to the State?
hifiguy
(33,688 posts)I was talking about the Revolution.
This is how they dealt with the hereditary, and privileged, aristocracy:
B2G
(9,766 posts)and stab them with pitchforks, aren't you?
Very unbecoming.
B2G
(9,766 posts)bigwillq
(72,790 posts)They can leave it in whichever way they choose.
I really don't have a lot of issue with this.
If I was a millionaire, most of my money would probably go to family and friends, with some going to charity.
BigDemVoter
(4,153 posts)don't think they should pay ANY tax on their loot.
Somebody was arguing about this with me just the other day. I might add that HE is in NO danger of EVER paying ANY inheritance tax. . . . Nonetheless, he brought out the old argument that the money has already been taxed once. . . . blah, blah, blah.
I pointed out that the person RECEIVING the money has NEVER paid tax on that money, so the argument about "double taxation' is a load of hooey. Double taxation would only be if the same person paid twice for same tax bill. Just because the money has been taxed doesn't mean squat. Hasn't all money been taxed at one point or another? We're talking about WHO is being taxed, and they manage to step around the reality with a bunch of smoke & mirrors.