CNBC has published an article, “Nearly 70% of millionaires are worried about leaving ‘too much’ money to their kids, survey finds”, which discusses concerns held by several high income individuals over how their money will be used when passed down to their children. The article begins as follows:
Wealthy celebrities like Daniel Craig and entrepreneurs like Warren Buffett and Kevin O’Leary aren’t the only ones concerned about leaving too much money to their children: Millionaires are increasingly worried about how much of their fortunes to give to their kids.
That’s 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 the individuals surveyed had was the possibility of leaving too much money for their heirs, something that 67% of respondents mentioned.
The respondents had numerous concerns about the effects of leaving too much money to their heirs, including that the wealth would be “used irresponsibly” or that it “would cause beneficiaries to be lazy.”
Click here to see the full article: “Nearly 70% of millionaires are worried about leaving ‘too much’ money to their kids, survey finds”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.