Just about 70% of millionaires are nervous about leaving ‘an excessive amount of’ cash to their children, survey reveals

Rich celebrities like Daniel Craig and marketers like Warren Buffett and Kevin O’Leary don’t seem to be the one ones eager about leaving an excessive amount of cash to their kids: Millionaires are an increasing number of nervous about how a lot in their fortunes to present to their children.

That is in keeping with a survey carried out by means of The Motley Idiot, which requested 2,000 prime web value folks — labeled as other folks with a web value over $1 million — about their attitudes towards inheritances.

A few of the best issues the folks surveyed had was once the potential for leaving an excessive amount of cash for his or her heirs, one thing that 67% of respondents discussed.

The respondents had a large number of issues concerning the results of leaving an excessive amount of cash to their heirs, together with that the wealth could be “used irresponsibly” or that it “would purpose beneficiaries to be lazy.”

“What is transparent is that top web value persons are involved concerning the results of leaving too huge an inheritance,” Motley Idiot analysis analyst Jack Caporal tells CNBC Make It. “They’re acutely aware of and actively bearing in mind leaving inheritances with prerequisites that incentivize their heirs to select up on values that they suspect are essential, reminiscent of laborious paintings, doing neatly in class and discovering a just right profession observe.”

The survey discovered that 85% of prime web value people who needed to meet sure prerequisites to obtain their very own inheritance agree that it’s imaginable to go away an excessive amount of cash to an inheritor. Amongst respondents who won an inheritance value between $500,000 and $1 million, 84% agreed.

“The effects and their responses have been surely guided by means of their very own reports, which is attention-grabbing since you get a way from them that those weren’t unfounded issues, however that they relate to their very own reports having inherited a large number of wealth,” Caporal says.

Then again, handiest 78.5% of those that won inheritances between $100,000 and $500,000 agreed and 69% of those that won lower than $100,000 did.

However in spite of their issues over what dimension inheritance they will have to go away, 60% of survey respondents mentioned they discovered it “essential” to go away an inheritance and more or less 34% mentioned they deliberate to go away over 50% in their property to their heirs.

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Do not pass over: ‘James Bond’ actor Daniel Craig says his kids would possibly not be receiving his multimillion-dollar fortune


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