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Inheritance Uncertainties – A Generation Gap?

Most young Americans believe it's important to pass money on to their heirs. They may be disappointed to learn that their, wealthy parents don't feel the same way.

Are you planning to leave an inheritance to your children or are you expecting to receive an inheritance from your parents? According to a recent survey by U.S. Trust, as reported in Reuters, your answer may depend on your generation.

The Reuters article, titled “Baby Boomers to kids: Inheritance? Maybe not,” reveals that among today’s older generations (a misnomer surely, as the study only surveyed those over age 46), there is an increasing tendency to lean away from leaving an inheritance to their heirs. In fact, roughly a third thought it would be better to leave their money to charity than to their children.

On the other hand, three-quarters of wealthy adults under the age of 46 indicated that it was a priority to leave money for their children. Is it a generational gap? Perhaps that is an appropriate better question for sociologists.

Statistics and sociologists aside, you really need to decide the best use of your own wealth for your loved ones and your charities. It need not be a mutually exclusive proposition. Intrafamilial communication can go a long way toward avoiding hard feelings at best, or litigation at worst.

In the end, cultivating and maintaining positive family relationships is all about managing expectations.

You can learn more about  estate tax planning  on our website. Be sure to sign up for our complimentary e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning. 

Reference: Reuters (June 18, 2012) “Baby Boomers to kids: Inheritance? Maybe not

 

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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.