Some Wealthy Parents Not Letting On What Offspring Stand To Inherit In Hopes They Might Actually Make Something Of Themselves
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]