New Study Finds Rich Boomers Are Stressed About Handing Down Fortunes To Their Kids Inheritance - Boomers HEAD TOPICS

New Study Finds Rich Boomers Are Stressed About Handing Down Fortunes To Their Kids

10/23/2022 4:15:00 AM

The Great Wealth Transfer is rankling millionaires whose children have their own ideas about how to spend and give it away

Inheritance Boomers

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Forbes

The Great Wealth Transfer is rankling millionaires whose children have their own ideas about how to spend and give it away The Great Wealth Transfer is rankling millionaires whose children have their own ideas about how to spend and give it away Having money comes with hang-ups–and one that’s especially pressing these days seems to be figuring out what to do with your wealth before you die.For many people, the answer is simple: Give the money to their children and grandchildren. But not everyone is too keen on that idea. Over two-thirds (70%) of high-net-worth investors are concerned about their heirs “using their inheritance wisely,” according to new research and a survey of 4,500 high-net-worth investors–individuals with more than $1 million in liquid assets–commissioned by global investment bank UBS. Read more:
Forbes » Should companies stop siphoning away the Great Salt Lake until it refills? Great Alaska Shakeout: students drop, cover and hold for earthquake safety Federal money to be used to combat algal blooms on Great Lakes The Great New Comedy That Should Get Colin Farrell His First Oscar Nomination

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Read more >> Now that’s just sad. Cuz that's how greedy and fucked up they are. Should companies stop siphoning away the Great Salt Lake until it refills?“The best available science we have shows that the impacts on the [Great Salt] Lake from this project would be devastating, long-lasting and possibly irreversible,” said the board president of FoGSL. FoGSL Yes… FoGSL GSL needs to restore ~500 billion gallons a year to save the lake Last year only 3 billion gallons was saved from conservation If 100k gallons/min was removed from the lake by the project, then GSL would need to bring in an extra 50 billion gallons on top of the 500 billion FoGSL USMagnesium’s proposal will rapidly accelerate the death of the GSL! How is this even being considered? Shame on the Utah Division of Water Quality! UTWaterRights Great Alaska Shakeout: students drop, cover and hold for earthquake safetyDenali Montessori was one of over 110,000 participants in the Great Alaska Shakeout, part of a worldwide exercise that focuses on earthquake education and emergency preparedness. What to do during earthquake? Reminds me of nuke drills. Federal money to be used to combat algal blooms on Great LakesHundreds of thousands of dollars will be sent to researchers in the private sector and at multiple colleges, including Ohio State, University of Toledo, Bowling Green State University and Oberlin College. Should have gotten the money for the Gorge Dam removal. The never ending “war on algae”. Good. Something needs to be done. The Great New Comedy That Should Get Colin Farrell His First Oscar NominationThis very Irish movie, reuniting Colin Farrell and Brendan Gleeson, is one ye shouldn’t miss. I want to see this one. How to Watch 'It's a Great Pumpkin, Charlie Brown' For Free on Apple TVAll the Charlie Brown classic holiday specials will stream exclusively on Apple TV this year. But you can watch it for free. Here's how. Boooooooo NYC's independent bookstores ready with your next great readIt's a great time of year to curl up with a good book. TimeOutNewYork stops by to share their list of independent bookstores offering unique reads. according to new research from UBS.(Trent Nelson The Salt Lake Tribune) The US Magnesium dike north of Stansbury Island on Saturday, March 26, 2022.Share on Pinterest Share on LinkedIn ANCHORAGE, Alaska (KTUU) - At 10:20 a.Cliff Pinckard, cleveland. Having money comes with hang-ups–and one that’s especially pressing these days seems to be figuring out what to do with your wealth before you die. For many people, the answer is simple: Give the money to their children and grandchildren. 20, 2022, 8:55 p. But not everyone is too keen on that idea. The school was one of over 110,000 participants in the Great Alaska Shakeout according to shakeout. Over two-thirds (70%) of high-net-worth investors are concerned about their heirs “using their inheritance wisely,” according to new research and a survey of 4,500 high-net-worth investors–individuals with more than $1 million in liquid assets–commissioned by global investment bank UBS. Updated: 10:54 p. About three-fourths (76%) of those surveyed identified the “smooth transfer of assets” as one of their key financial worries. U. Meanwhile, 70% said they are concerned about passing money to heirs in the most “tax-optimized way” possible. As US Magnesium presses forward with securing permits to extend its intake canals, dozens showed up at a public meeting Wednesday to rally in defense of the Great Salt Lake. So, we all practiced our duck, cover and hold,” teacher Erin Arno said. A generational divide–including clashing opinions on how money should be used–is causing much of the headaches around wise spending. “Money means different things to different people in families,” says Michael Chudd, a Las Vegas-based wealth manager at UBS who works with some of the firm’s wealthiest clients. Some traced their Utah roots back to the Mormon pioneers, while others were recent transplants from California and the Midwest. “So it's really important to try to help the next generation understand what's important about money to you, and make sure that your heirs are potentially aware of that–and then potentially, respecting those boundaries. Then over the school intercom, an announcement was made for the school-wide earthquake drill.” The desire to influence posterity is nothing new. Others simply represented themselves and their families. The projects include: $281,975 to improve “understanding of the synergistic impacts of acidification, temperature, total alkalinity, and nutrients on toxic cyanobacteria harmful algal blooms. How these conversations play out, however, will dictate the flow of the greatest wealth transfer in human history, as nearly $73 trillion is expected to pass to younger generations in the U.S over the next 20 years, while another $11. “The best available science we have shows that the impacts on the lake from this project would be devastating, long-lasting and possibly irreversible,” said Rose Smith, board president of FRIEND of Great Salt Lake, at one point moved to tears during her comments.” Arno then showed students how to get down on their knees “like bugs,” cover their heads, and instructed them to take shelter underneath the tables.9 trillion will be given to charities, according to estimates from the Cerulli Associates, a financial services research firm and consultancy. About 42% of that money will come from high-net-worth and ultra-high-net-worth households–which make up just 1. The lake has hit record lows two years in a row.5% of all households–according to Cerulli. Arno spent 16 years teaching in Bethel, where they never had an earthquake drill.” If you purchase a product or register for an account through one of the links on our site, we may receive compensation. On top of the difficult social and cultural gaps between generations, there’s the age-old roadblock of awkwardness–few people of any age want to talk about inheritance, which inevitably means talking about death. US Magnesium wants to dredge and extend a 1. “It’s a depressing topic for everyone,” says Sarah Salomon, who leads the UBS Family Advisory and philanthropy services team. All of that leads to the question: How can parents and their kids overcome these hurdles? One answer may be “family philanthropy,” a sort of gilded version of family therapy.7 miles and a second 2. So we’re in Alaska, these Alaska things happen. Essentially, family philanthropy consists of children and parents deciding collectively on which organizations to bestow their money on. The practice is “a means to live and learn values within the family system” and a growing trend among wealth families, says Salomon. It would mean digging up about 127 acres of lakebed. In practice, family philanthropy often takes the form of kids deciding which causes and organizations will get their parents’ money. The November 2018 quake occurred at the start of the school day. Take Rob and Karen Hale, the Massachusetts-based couple giving away $1 million a week to 52 grassroots charities this year . (Christopher Cherrington The Salt Lake Tribune) The project would mean the company could continue to access the lake’s water if it sinks to a catastrophic 4,185 feet. Their novel approach has coincided with greater involvement from their children. “We wanted this to be a family thing and get input from everybody,” says Karen Hale.S. All rights reserved. “We've had a great time, taking causes that we believe in and that we want to help with, and then going out and finding the right organization to [give to]. ” Their daughter Brett, a zoologist, has identified several organizations to give to this year, including a domestic abuse prevention and shelter, a Ukraine relief fund, an elephant preservation group, NARAL Pro-Choice America, Everytown for Gun Safety, and The Trevor Project, which works on suicide prevention for young LGBTQ people.8 feet. For philanthropic parents who are worried about their kids becoming stingy, it’s important to not just show, but show and tell. Talking to children about charity “has a greater impact on children’s giving than role-modeling alone” according to research done by the Women’s Philanthropy Institute at the Indiana University Lilly Family School of Philanthropy. The Division of Water Quality has already written up a draft permit for US Magnesium’s canal project, which alarmed many at the meeting. (It also helps to have daughters, who are more likely to mimic their parents’ giving habits than sons, according to the study). “Having the conversation and talking about giving is hugely important,” says Jacqueline Ackerman, Associate Director of the Women’s Philanthropy Institute. “Kids are not just often going to pick up what their parents are doing with their money. When parents talk about their giving, the kids are much more likely to be generous.” To be sure, millionaires’ giving habits may seem like abstract concerns to folks with normal sized paychecks. But what millionaires’ kids decide to do with their inheritance will shape the future of nonprofits for years to come, particularly as growing inequality results in a diminishing pot of donors. “Over two thirds of American households used to donate on a regular annual basis to charity, and now it's more like 50%,” says Ackerman, citing from the Indiana University institute. “When you think of income equality, you don’t always think about philanthropy, but it's the same story.” Follow me on .