Leaving TOO Much Money To Your Kids? Not Me!

A study at Motley Fool reveals that many millionaires plan to leave at least part of their fortune to charity, rather than to family or friends. In fact, about two-thirds of those with at least $5 million in assets will bequeath part of their estate to charity. While charitable giving may not be as glamorous as leaving assets to loved ones, it can provide many advantages for you and your beneficiaries. 

I joke with my mom, thank God you & dad aren't going to have anything for me & my sister to fight over.  I couldn't imagine the strain of fighting over money on top of the heartbreak of losing a parent.  But apparently 67% of millionaires say they're worried about leaving "too much" money to their kids.

I guess they don't want them blowing the money or having the size of the estate NEGATIVELY affect them.

One-third of millionaires plan to leave at least half of their assets to an heir . . . while two-thirds say they plan on leaving at least part of their estate to charity.

The most common reason for millionaires planning to leave money to charity is simply because they think it’s a good cause. They may feel like their money could be put to better use helping others than sitting in a bank account. Also, these donations may help reduce estate taxes.

The wealthiest 1% of Americans receive inheritances worth an average of $719,000, while the bottom 50% get an average of $9,700.

Many people wait until it’s too late to make a will. But death is inevitable; having a valid will simply ensures that you pass your assets on to whom you want (or, in many cases, who would inherit if you died without a will). If you haven’t already made your will, start by setting aside some time with an estate-planning attorney or financial advisor.