I remember reading long ago about Bill Gates planning to leave the bulk of his wealth to other people rather than his then only child. I can no longer find a link to whatever article it was where he said that but I did find the one below from Warren Buffett, who has similar plans.
From Woopidoo.com The frugal billionaire had no intentions of leaving the bulk of his billions to his children as he felt it would be more of a burden than a blessing to them. He once remarked that “I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing.”
This idea of not leaving it all to the kids is interesting. My kids will inherit my millions in the form of books, thousands of scribbled papers, a pile of laundry and music (sorry kids). I think there are some who would see Mr. Buffett as a horrible person for not giving away his money to his family. Just the same, others would say he’s doing an amazing thing by forcing his children to make something of themselves, rather than money making them into something.
I’m not sure which I would choose. I can see the benefit of giving my children the money. They could have the opportunity to do and be so many things. They could also fall into a pattern of being lazy and feeling as if they were privileged above others (not a good thing). I think a lot would depend upon when they would recieve the money, if they had to wait until they were 30 versus 21, and if rules were attached to the inheritance.
It’s an interesting question so I pose it to all of you. If you had a few million to your name at your death, would you give it all to your kids? Or do you believe they should have to earn it themselves?