www.csmonitor.com, CNN news anchor Anderson Cooper talks about his family's wealth. His mother, Gloria Vanderbilt, is apparently worth $200 million, and has told him that he is not going to inherit that money. And he is fine with that. Click here to read the story.
In the article, Mr. Cooper states that inheriting a lot of money can result in a person having no real initiative or ambition. This is a belief that I've encountered numerous times with some of my wealthier clients, and is certainly not limited to celebrity parents. Granted, not many people have $200 million to pass to their kids, but clients are concerned about the same effect happening with a lesser amount.
Do you ever think about the effect it will have on your children when they inherit (or don't inherit) your estate? Do you ever suspect there could be negative effects? It's certainly a lively discussion with parents when this topic comes up.
The attached photo of Anderson Cooper accompanied the article in www.csmonitor.com and is credited to Chris Pizzello/Invision/AP