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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe American super rich think $26 million is too little for one heir
Merrill Lynchs private banking group is looking out for its clients financial interests, so it published a white paper (PDF) on inheritance titled How much should I give to my family? The risks and rewards of giving.
Its mostly tips on minimizing your tax exposure and instilling financial responsibility in younger generationsstewardship is a recurring theme. But for those of us who probably wont need such tips, theres still plenty to gawk at. One section uses a survey to break down some of the social parameters around figuring out the appropriate amount to leave, with super-wealthy families eager to strike the right balance between $26 million and $63 million.
But size isnt the only factor here. The money needs to be spent wisely as well:
On the other hand, consider the grandchild who thinks of her grandfathers monthly distributions as her paycheck. Because of a sense of entitlement to family wealth, an heir like her may be less likely to utilize the money thoughtfully.
more
http://qz.com/396168/the-american-super-rich-think-26-million-is-too-little-for-one-heir/
daleanime
(17,796 posts)upaloopa
(11,417 posts)never have enough money like the Kochs.
The one who sees the money as income will spend it rather than horde it.
malthaussen
(17,195 posts)... for her child's entertainment costs? Whoever, the word "piker" occurs.
-- Mal
hifiguy
(33,688 posts)that there is no way they can be dissipated. And the feelings of entitlement are stronger than ever.
Ear the rich! The poor are tough and stringy!
closeupready
(29,503 posts)yeoman6987
(14,449 posts)I would do a lot of good with it as well as a lot of travel. Just a dream as I don't play the lottery and my annual salary does not equal to 4 million over lifetime.
Johonny
(20,851 posts)why should those losers get my money due to some luck of the biological draw. It's my, all mine and me and my money should live forever!
Stallion
(6,474 posts)...who are too rich to care about saving on their phone plan.