         These are true stories of men and women who have been challenged by (and who, often enough, have chosen to challenge) the wealth that has become theirs by virtue of inheritance. They have been born to the bright promise of money, but have also learned that such a lot is not without plenty of potential hazards, if not outright dangers. It is, I fear, all too easy for many of us who have never faced this particular kind of situation to be somewhat skeptical of the very real threats it can pose.
- Robert Coles, author of Children of Crisis series from the foreword to The Legacy of Inherited Wealth |
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I N T R O D U C T I O N p a g e 2
Children who grow up in wealthy homes have the same needs
as all children, but raising them presents its own particular challenges
and opportunities for their parents. Whether you have earned or inherited
enough wealth to make your children wealthy in turn, reading this booklet
will be an essential first step in finding answers to your own questions
about giving money to your children. Wealthy parents who have consulted
with The Inheritance Project or come to our presentations ask a lot
of questions about their children and money. Indeed, it is their biggest
concern. These parents want to know:
- How can I raise my children to become autonomous
and responsible adults?
- If I give my children money too soon, will they choose
not to work?
- What are the risks of giving money "too soon"?
How young is "too soon"?
- How and when should I tell my children that they
will receive an inheritance?
- If I postpone giving money to my children for a
long time, will they resent me? Or would they be better served by
having to wait?
- How much should I give to my children? What is too
little? What is too much?
- Should I set up trusts for my children? Or should
I give them the money outright?
Many of the one-hundred-fifty-plus heirs we have interviewed
since 1993 have described their inheritances as a mixed blessing. Many
of them were only able to take the "mixed" out of the "blessing"
when they were in their thirties, forties or even fifties — long
after the money was given. In other words, it often takes heirs a long
time to grow up — to discover and make a commitment to meaningful
work, to develop intimate relationships and to take ownership of their
personal power, including their money.
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Table of Contents | Other Trio Press Publications
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