2012 Survey Answers the Question What Will My Kids Do With Their Palm Beach Inheritance

Are you about to leave a sizable inheritance to your heirs in West Palm Beach? I bet you are wondering what your heirs will spend that money on. Do you have any guesses? A recent study (in 2012) from Ohio State University looked into just that. Learn what your kids would do with their West Palm Beach inheritance. 

What Happens to My Legacy (Their Inheritance)

• What do Americans do with an inheritance?
• Most people spend about half of it and nearly one third spend all of it!
• In 2012 a researcher at Ohio State found that Americans with an inheritance on average will spend half, and save, invest, or donate the other half.
• A researcher in this recent study estimated that by 2022 Americans are expected to transfer about $4 trillion in wealth to their heirs!
• In other words $2 trillion is almost guaranteed to be injected into the economy.

Are My Relatives Going to Save any Inheritance?

• It may surprise you (or upset you) to learn how much of your money is going to be squandered by heirs according to statistics.
• Some 30% of Americans who received an inheritance had negative savings within two years of receiving an inheritance.
• What does that mean?
• That they spent or lost all of it, and then some.
• Keep in mind the median inheritance was $11,340 not exactly a huge amount.
• That being said there are ways to save that money and invest it well.

West Palm Beach Trusts

• Trusts are a great avenue to leave a large inheritance.
• Have you talked to an experienced probate attorney in West Palm Beach about what a trust can do?
• Think of this as a form of structured inheritance. 
• You may be able to draft a spendthrift trust that allows you to prevent a wholesale alienation (sale /divestment) of the inheritance.
• There are other ways a trust can protect an inheritance too.
• So many ways in fact that one could not possibly outline them all in one blog.
• If you are concerned with the statistics of how this all works rest assured that probate litigators in West Palm Beach want to protect your inheritance.
• When in doubt, ask for a consultation.

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