Inheritance

I believe this was the article Bill Gates read before he decided not to leave lots of money to his kids.

http://archive.fortune.com/magazines/fortune/fortune_archive/1986/09/29/68098/index.htm

INEVITABLY those who hand on their wealth see proper upbringing as the ultimate safeguard against potential problems. Says Katharine Graham, 69, chief executive of the Washington Post Co. and head of a family whose fortune totals some $350 million: ”My instinct would be to just pass the money on and hope that in doing so you also pass on your values — how to use it, the life to lead, the standards to have.” Besides, some rich individuals argue, not giving it to the children can cause problems too. Says one: ”If you’re the child and you see your father with all this dough and you get some but not much, I just can’t help thinking resentment will enter in.’

I feel pretty strongly that if my adult child is resentful that I’m not giving them my windfall – I’ve failed to pass on the right attitude, and it’s only a good thing if they get no money.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s