My recent column (“Wills: Should You Communicate Your Wishes With Your Children?”) piqued the interest of a reader who expressed strong views about inheritances. (If you missed the column, let me know at readers@juliejason.com; I’ll send you a copy.)
“Robert,” who is in his 80s and well-to-do, believes that parents should tell their children NOT to expect an inheritance. (After all, how many people do receive inheritances?)
Let me share his point of view:
“A glaring omission in your latest column concerning communication with children about estate planning is the philosophy of some that once education is paid for, one’s financial obligations to heirs is over.
“In fact, for many families, even higher-education expenses are NOT paid by the parent, with no great ill effect.
“For some children, the expectation of an inheritance removes their incentive to become successful on their own, and that needn’t be in a monetary sense.
“Far better is to communicate that there will be NO monetary inheritance — rather, charities have already been chosen.”
Robert is not alone, of course, in his point of view.
Take singer Marie Osmond, who told US Weekly in January 2023 that she will not be leaving her children an inheritance, saying, “I don’t know anybody who becomes anything if they’re just handed money.” She added, “I just think all [an inheritance] does is breed laziness and entitlement” ( tinyurl.com/27t6xuas). This is a high-net-worth concern, since the size of the inheritance could affect the recipients’ attitudes toward it.
Robert’s intention to leave his estate to...
from News https://www.ctpost.com/news/article/julie-jason-inheritances-for-your-children-17859343.php
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