From CNN Money:
” Tough luck, kiddos: Your rich parents may give the fat inheritance you’re expecting to charity instead of to you.
About 32% of high and ultra-high net worth Americans say it isn’t important to leave inheritances for their children, according to a report released Monday by U.S. Trust, Bank of America’s private wealth management division. Among baby boomers, that percentage rises to about 45%.
The top reason respondents cited for not leaving money to their children was that “each generation should earn its own wealth.”
One in four respondents said they would rather give that inheritance to charity, while more than one in four said they worked hard for their money and plan to enjoy it themselves. A small slice, 7%, said they don’t think they will have any money left to leave for future generations.”