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.”
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.
Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!
I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!