America's wealthy these days feel it's less and less important to leave inheritance to their children, who should earn their own fortunes, according to a survey from U.S. Trust, the New York-based private wealth management unit of Bank of America, the largest U.S. lender by assets.
The survey of 457 high-net-wealth individuals shows that 51 percent feel it is not important to leave their kids an inheritance, although their children's success was important to them.
The results show that parents who made it on their own want their children to do likewise.
"These are mainly self-made people," 50 percent or whom said they paid a price in personal relationships and possibly their own health when they made their wealth, U.S. Trust President Keith Banks tells CNBC.
|Study: Wealthy Less Likely to Leave Inheritance to Kids
(AP file photo)
So they think "I’m going to get a return on that investment for myself, number one, and maybe my children down the road."
Most of the respondents — about 75 percent — say their wealth was the fruit of their own hard work and more than half don't fully disclose their wealth to their children.
Most plant to engage in volunteer work after retirement.
"I think it’s reflective of the mindset of a lot of the baby-boomer generation," Banks adds, according to Bloomberg.
The nation's wealthy, meanwhile, can enjoy more good news as they enjoy the nest eggs: they're paying less taxes than they did in decades past.
In fact, there are so many tax breaks and exemptions as well as loopholes that most people are getting off the hook IRS hook somehow.
Nearly half of all U.S. households pay no taxes at all.
"There are so many breaks that 45 percent of U.S. households will pay no federal income tax for 2010, according to estimates by the Tax Policy Center, a Washington think tank," the Associated Press reported.
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