How much inheritance should you leave your children?
The idea that wealth corrupts future generations is common; it is not money that ruins children but the absence of a work ethic
A FRIEND had put his son’s name as co-owner of an investment property, as a basic form of inheritance planning.
He and his wife decided to sell the property, and were in the process of signing the sale agreement. Despite not having put a single dollar towards the property, the son said he would sign only if he got half of the proceeds, as was his ‘right’ as co-owner.
In another instance, parents bought a prized real estate asset and overpaid for it. Their idea was to secure a steady cash flow of US$1 million per year for each of their two children, so that they would have financial security for life.
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