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 of those who don’t plan to pass on an inheritance cited President Joe Biden’s tax plans as a factor in their decision. The Motley Fool polled 2,000 individuals with a net worth of more than $1 million about their attitudes toward inheritances, with 67 percent expressing concern about leaving too large of an inheritance. The top worry (58.74 percent) was that their heirs would use the money irresponsibly. Other concerns included beneficiaries not being prepared to manage a large inheritance (56.54 percent), fears that receiving large sums of money would make them lazy (55.77 percent), and nearly 55 percent of respondents worried that large inheritances would draw undue attention to beneficiaries. Respondents were able to choose multiple answers, so the percentages don’t add up …
Two-Thirds of Millionaires Worry Large Inheritances Could Harm Their Kids: Survey
September 20, 2021
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