LOS ANGELES, April 19 (UPI) -- Only half of U.S. residents with $3 million or more in assets think preserving the wealth for their children is important, a poll released Tuesday said.
The survey by U.S. Trust, a part of Bank of America, found respondents have other priorities, the Los Angeles Times reported. Instead, they plan to spend on travel and said personal relationships are important.
"There is an expectation about the wealthy that they have an implicit, sacred responsibility to pass down their fortune to the next generation," said Sallie Krawcheck, who heads Bank of America's wealth-management division. "Our research, however, uncovered a distinct generational mindset that reflects changing views about what retirement means and an evolving sense of what one generation owes the next."
While 49 percent said preserving an inheritance for their children is important, 52 percent said they have not told them how much money they have. Many said they do not trust their children with money, with 45 percent saying they probably would not be mature enough to deal with large sums until they are 35.
The bank polled 457 people. No other details of the survey were reported.
