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Extremely Wealthy Often Struggle with What’s Best for Their Children

| Nov 19, 2016 | Uncategorized |

Bill Gates doesn’t plan to leave his entire fortune to his children.

People who have made their own way in the world and become extremely wealthy can face a dilemma of how to contribute to the future of their children. Bill Gates, who has three children, will not be leaving them his fortune, according to SF Gate in “Bill Gates explains why he’s not leaving his fortune to his children.”

Wealthy parents often wonder if it would be better to leave that money to their children or to leave their children little, which would hopefully motivate the children to work hard and earn their own fortunes. There is not a simple solution that will make everyone comfortable.

Gates’ reasoning is the common one that he does not think it would be good for his children to receive such large inheritances and that they should earn their own money. He did also say, however, that he will provide his kids with money for college and a safety net.

According to Gates, his children agree with his wishes and reasoning.

Beyond the two extremes of leaving children everything and leaving them nothing, there is plenty of room in between. Estate plans can be created that give the children some funds and plans can be crafted in such a way to incentivize children to do good things and work hard in exchange for larger inheritances.

An estate planning attorney can guide you through a plan that will meet your unique circumstances.