31 Oct
There are some parents in Texas who work their entire lives with the plan of leaving whatever assets remain at the time of their death to their children. There are others, however, who worry about how leaving their children with a large inheritance will ultimately impact them. While most people in the United States inherit $50,000 or less, there are a significant number of people left determining how up to $25 million or more will be distributed.
While it may seem contrary to what many parents think, there are those who worry that leaving their children a large amount of money will have a negative impact. One specific concern is that their children will inherit at a time in their lives when they are set to forge their identity. Other concerns are related to the ideal that receiving a large inheritance will remove any motivation that they might have to work.
While no systematic studies have been conducted on the subject, many researchers do not believe that receiving large amounts of funds will remove a person’s desire to work. However, there are certain measures that a person can use to provide guidance regarding allocation of assets, such requirements added to a trust. For example, some people make disbursements conditional on school grades or lack of drug use. However, these options are not without their disadvantages.
Some families may choose to leave a large portion of their assets to a charity or to a trust that their children will then control for charitable disbursements rather than leaving them a large inheritance. Because each situation is different, many people in Texas choose to consult with an experienced estate planning attorney. Such a professional can help them create a plan that addresses their individual concerns and best meets their needs.