The super-rich think $26 million is too little for an inheritance
Just how many millions make for the perfect inheritance?
A new Merrill Lynch study of 206 wealthy individuals found that out of $100 million, they on average believed $63 million is too high an inheritance to leave your child, while a stingy $26 million is too low.
Roughly half of the high-net parents surveyed, who each had at least $5 million in investable assets, expressed concern that leaving an inheritance that was too high would give their children a "sense of entitlement," Bloomberg reports, which apparently wouldn't come with anything less than $26 million.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The survey also asked respondents other financial questions about their estate taxes. While the exact amount for a perfect inheritance is debatable, 86 percent of those surveyed said they would "do as much as possible within the rules to minimize taxes." And while 91 percent of respondents said they wanted to give family members the majority of their money, only four percent named philanthropy as their top priority.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Meghan DeMaria is a staff writer at TheWeek.com. She has previously worked for USA Today and Marie Claire.
-
'We shouldn't be surprised that crypto is back'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
How the national debt affects your finances
Rachel Reeves has changed the rules, but why does that matter?
By Marc Shoffman, The Week UK Published
-
Could 'adult dorms' save city downtowns?
Today's Big Question 'Micro-apartments' could relieve office vacancies and the housing crisis
By Joel Mathis, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published