The extremely wealthy often struggle over whether or not they should leave their entire fortunes to their children. Bill Gates says that he will not be doing so.
Extremely wealthy people who earned all of their assets for themselves face a dilemma. They started out with little and were motivated to earn their own fortunes. They wonder if it would be better to leave that money to their children or to leave their children little, which would hopefully motivate the children to work hard and earn their own fortunes.
The dilemma has been around ever since people started becoming extremely wealthy and it has not changed very much. There is not a simple solution that will make everyone comfortable.
Recently, Bill Gates said he will not be leaving his fortune to his three children according to SF Gate in “Bill Gates explains why he’s not leaving his fortune to his children.”
Gates’ reasoning is the common one that he does not think it would be good for his children to receive such large inheritances and that they should earn their own money. He did also say, however, that he will provide his kids with money for college and a safety net.
According to Gates, his children agree with his wishes and reasoning.
Beyond the two extremes of leaving children everything and leaving them nothing, there is plenty of room in between. Estate plans can be created that give the children some funds and plans can be crafted in such a way to incentivize children to do good things and work hard in exchange for larger inheritances.
A qualified estate planning attorney can help you meet your unique goals for your children.
Reference: SF Gate (Oct. 27, 2016) “Bill Gates explains why he’s not leaving his fortune to his children.”
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