Let's Talk: Are we obliged to leave anything to our kids?

At Starts at 60, we strongly believe this is an age to live life to the full: to travel; to pursue new passions; to treat yourself.

Today we’d like to ask the community a difficult question: do we owe anybody an inheritance? 

Many of us would certainly love to leave something behind for kids and grandkids, but of course, not everybody can comfortably do so.

The answer isn’t always clear cut. Even the wealthy, with genuine fortunes to pass on, are wary of the idea of leaving behind to much.

When Warren Buffet pledged to give 99% of his wealth away, he said “I want to give my kids just enough so that they would feel that they could do anything but not so much that they would feel like doing nothing”.

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Elton John and Bill Gates have both offered similar sentiments: they hope to leave their families enough for comfort, but not so much they’ll lose perspective.

And then, of course, there is Gina Rhinehart. She has made it very clear that she does not think her children are fit to receive any inheritance, and has the court documents to prove it!

Do you think that kids should make their own way in life without financial support from their parents?

Or do you think that kids of today should (or even need) to receive an inheritance of family money or financial support from their parents?

How do you feel about “spending your kids’ inheritance”?

Share your thoughts in the comments below.