‘Nobody prepared them’: The ultrawealthy worry wealth will dull their heirs’ ‘drive and desire’ and so some aren’t telling them how much there is
Source: Fortune ·
A Bank of America study found 61% of ultra-high-net-worth individuals are concerned about their children’s motivation.
From the source
For the ultrawealthy, preparing children to inherit their fortunes is a long process that is much more than just transferring assets. The responsibility of managing their fortunes given to the younger generation has become a point of concern for the wealthiest families as they age—some are keeping the full amount from them. According to a June study from Bank of America, 61% of ultra-high-net-worth respondents—defined as those with more than $25 million in investable assets by the study—said they were concerned about their children’s motivation. They are taking actions such as supporting their children’s business ventures (51%), adding provisions to trusts (41%) and not disclosing the full amount of family wealth to them (36%), the study found. BofA also found that only about a third (36%) of those respondents say their heirs are “very prepared” for their inheritance. “Leaving a legacy for my children while still instilling in them the drive and desire to work and be productive” was…