Are your parents secretly hiding millions of dollars?
April 22, 2011 at 8:24 AM ET
A majority of parents with more than $3 million in investable assets have not disclosed their wealth with their children, according to a new survey reported by our partner DailyFinance.
Nearly two-thirds of survey respondents lacked strong confidence that their kids could handle any inheritance that may come their way.
For the full article from DailyFinance, click here.
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To further pile on, nearly half of the 457 wealthy parents surveyed said they do not plan to let their children inherit the money. Nearly two-thirds of the respondents said they lacked confidence that their kids could handle any inheritance.
Perhaps America's wealthy families have a little trust problem.
The survey, conducted by Bank of America's U.S. Trust, also found:
- About 75 percent of respondents said their wealth is the result of their own focus and hard work. About half said success came at the expense of their personal lives, relationships and health, for the primary purpose of providing financial security for their family.
- Forty-six percent said they will continue working in retirement.
- Survey respondents tend to put a higher value on travel and relationships. They say leaving an inheritance to their children or making a positive impact on society are less important goals.
- Wealthy Americans are more interested in giving back by volunteering in their communities and seeing the impact of their goodwill now, rather than donating their money to charity after their deaths.
Details on the survey can be found here (.pdf file).