Wealthy people often worry that when their children receive a large inheritance they will become spoiled and waste the money or live off of it instead of making a living of their own. The concern is a valid one.
When people suddenly receive a lot of wealth, one of their first instincts is to use it to buy all of the things they want but previously could not afford. While it might be okay to indulge in one or two purchases, the spending rarely stops there. Instead, it often continues until the money is all gone. Other people will use the money so they no longer have to work again. They will prefer to live off the inheritance.
The Globe and Mail recently published an article about what you can do to make sure your children are not spoiled by an inheritance. The article, titled “Three ways to pass your wealth to your children without spoiling them,“ includes these ideas:
Inheritance does not have to spoil your children. If that is a concern, then talk to your elder law or estate planning attorney about how you can set up your estate to minimize the risk. You might be surprised about the many options your attorney can provide.
Reference: Globe and Mail (August 22, 2014) “Three ways to pass your wealth to your children without spoiling them“
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