Pop artist Sting recently made headlines by proclaiming that he didn’t intend to leave his children any sizable part of his fortune. (Leaving aside the question of how one might actually spend hundreds of millions of dollars in one’s own lifetime…) But this CNBC study suggests that many young people of the millennial generation may still have some inheritance coming their way in the future. Many people opposed to inherited wealth worry about dead hand control (the old law school classic of the rule against perpetuities) and that their children may not develop the work ethic or business savvy necessary to be successful if they receive a sizable inheritance. On the other side, many people would rather leave the money to the family than to Uncle Sam and some may wonder if children raised in a particular setting and accustomed to a certain lifestyle are in for a rude awakening if they can’t easily replicate that lifestyle once they’re out on their own.
What do you think? To inherit or not to inherit? That is the question (with apologies to Hamlet).
If my law firm, Johnson Law KC LLC, can help you or your family with your personal estate planning or small business needs, give me a call (913-707-9220) or email me (firstname.lastname@example.org) for a free consultation.
(c) 2014, Stephen M. Johnson, Esq.