About 67 percent of those surveyed by BofA’s private wealth management unit haven’t told their children the full extent of their net worth, and 15 percent told their children nothing about their family’s wealth. The average age of those surveyed was 61. “There’s a concern that if the kids are fully cognizant it may start to influence how hard they work at their own careers,” said Banks. [Bloomberg]
Some Wealthy Parents Not Letting On What Offspring Stand To Inherit In Hopes They Might Actually Make Something Of Themselves
By Bess Levin — Advertisement —
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
I was successful and hard working in spite of predicting my parents worth when I was just a kid.
Denis G.
congratulations
‘Am I enjoying the hard-earned wealth I created?’
Dementia setting in early, they forgot the part about unprecedented and not-repeatable economic growth that allowed them to swim with the tide. Oh, and someone must have edited out the “Don’t touch my Medicare” part.
I better call my parents and tell them I love them.
I’m going to do the opposite-tell my kids they’re going to inherit millions and then BAM! hit ‘em with a goose egg.
My parents think that they know what the full extent of their net worth currently is. But all that secrecy works both ways…
A wealthy BofA client means you have a double wide trailer with the dish network and a car that runs, other than that I think the survey is fine.
You don’t need a million dollars to do that. Just look at my cousin, he’s broke and don’t do shit.
I am helping my family maintain its wealth. Livestrong, brah!
-M. “Teddy” McCarty
This strategy will be particularly effective if one of the little bastards murders you for the inheritance.
Always keep ‘em guessing, I’d say. How else are you going to get them to change your diapers when you are old?
Sometimes its hard to hide your wealth from your children
I see what you did there…
We have a Marxist for a president and a government intent on controling every aspect of everything whose future obligations vastly overwhelm it’s ability to pay for them.
You’ll more likely be bequeathing Jr. a bunch of boring stories about how rich you used to be.
well said. we need to start burning the Baby Boomers at the stake for getting us in this mess.
…says the cast of Housewives of New York
Yes, we need a president who is as intelligent and articulate as you obviously are.