According to the U.S. Trust Insights on Wealth and Worth Survey …
Only 55% of boomers (those 47 to 66 years old) consider it important to leave a financial inheritance to their children or other heirs.
The top reasons cited for not leaving an inheritance to children were:
- “Each generation should earn its own wealth.”
- “It’s more important to invest in my children’s/heirs’ success while they’re growing up.”
- “I worked hard for my wealth and will want to enjoy it myself.”
- “I would rather give the money to charity.”
- “My children/heirs will have enough money and don’t need an inheritance.”
- “My children (heirs) can’t handle wealth.”
Tags: baby boomers, charity, inheritance
