No one should be presumptuous when it comes to a future inheritance.
People have different priorities.
Some value family.
Some value charity.
Some value business.
Some value personal comfort.
According to a recent Think Advisor article titled “Who Leaves an Inheritance, Who Doesn't,” what people prioritize tends to affect their estate planning.
Baby Boomers together have an estimated $30 trillion in wealth.
This means about 10 percent of U.S. wealth could change hands every five years between 2031 and 2045.
Inheritances will become a hot topic.
Kansas State University (go Wildcats!) researchers decided to investigate the influences on leaving an inheritance.
What did they find?
Those who expected to receive and those who did receive an inheritance were more likely to want to leave an inheritance to their children.
Those who believed leaving an inheritance was important were more likely to do so.
Often businessmen prioritized leaving an inheritance.
In fact, they are about 10 percent more likely than non-business owners to do so.
What does this mean for you?
Regardless whether you choose to leave an inheritance, estate planning will be important.
Working with an experienced estate planning attorney will enable you to plan in such a way as to meet your own goals.
Reference: Think Advisor (October 19, 2018) “Who Leaves an Inheritance, Who Doesn't”