A recent survey of high-net-worth individuals found that around two-thirds of them were concerned about leaving too much money behind for their children, while 57 percent who don’t plan to pass on an inheritance cited President Joe Biden’s tax plans as a factor. The Motley Fool polled 2,000 individuals with a net worth over $1 million about their attitudes towards inheritances, with 67 percent expressing concern about leaving too large of an inheritance. The top worry (58.74 percent) was that heirs would use the money irresponsibly. Other concerns include beneficiaries not being prepared to manage a big inheritance (56.54 percent), fears that receiving large sums of money would make them lazy (55.77 percent), while nearly 55 percent of respondents worried that big inheritances would draw undue attention to beneficiaries. Respondents were able to choose multiple answers, so the percentages don’t add up to 100. Over two-thirds of the polled millionaires …
Two-Thirds of Millionaires Worry Big Inheritances Could Harm Their Kids: Survey
September 20, 2021
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