Rich Parents Doesn’t Equal Rich Kids
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Are you worried that your kids won’t know what to do with the money you leave them by will? Well, you’re not the only one. According to U.S. Trust, almost half of the parents with more than $3 million in investible assets consider that leaving money to their children is not a priority.
Many (nearly half of the participants to the survey) believe that their young ones will not be prepared to handle the family’s wealth until they are at least 35 years old, while only a third can say that their children will be capable of managing their inheritance.
Approximately half of the rich parents have chosen not to tell their children just how wealthy they are, for fear that they might get lazy, spend money lavishly, make bad decisions and even become a target for gold diggers. So it seems that many of the wealthy kids today won’t enjoy too many privileges in the future if all they do is rely on their parent’s wills.