Is leaving all your inheritance to your children unethical?

[brasty]

I have been reading this article which argues that if you are leaving an inheritance to your children, that you should also leave some money to charities who help disadvantaged people, in recognition that not everyone inherits. It argues not to do that is unethical.
I think I agree, unless the inheritance is a very small amount - under £5k.

www.theatlantic.com/business/archive/2017/12/ethics-inheritance-nussbaum-levmore/547934/

Throwing money at a problem, however that money is obtained, does not necessarily alleviate the situation

Er.. actually, there's evidence that it does:

theconversation.com/yes-giving-money-to-very-poor-people-will-make-their-lives-better-just-ask-ecuador-71875

www.theatlantic.com/international/archive/2015/09/welfare-reform-direct-cash-poor/407236/

Let us extend the principle to all areas of your life. My house is more expensive than the UK average. Morally I should live in a smaller house, and donate all the money I save to charity.
My children should not benefit whatsoever from the (over UK average) salary that my husband and I earn? I do admit that my husband and I have advantages over most people (My parents are wealthy, and have helped us out us lot), but we also work hard.
Whilst I'm not trying to denigrate people who work hard and earn little for their efforts, you shouldn't denigrate people who earn good money for their work.
At some point, human nature dictates that you take care of your own first. I want to do that.
It doesn't mean that I don't donate to charity, and pay my taxes. I do, gladly, but what is left over is for me to choose who benefits

No chance, mine is going to my kids. Sorry not sorry

Oh dear op this isn't going very well! Don't think we quite ready for communism and telling people they should disinherit their own kids is always going to be a hard sell...

No chance, mine is going to my kids. Sorry not sorry

^ this

QueenLafeebah what did the charity do to your friend?

My DF has paid tax for 60 years, at a higher rate for 40 of them. He's still working and paying six figures a year in tax now, at 76. And you want to tell him that he can't leave whatever is left after his estate has paid yet more tax in the form of IHT whomever he likes?

Hahaha, can I be there to see that, please? I'll bring the s!

Surely you should use any excess wealth you possess to help your children while you are still alive and they are at the age when they need help (university, purchasing first home, etc). Die with an empty bank account and you'll have lived a good life.

But by this standard then nothing can be passed down from generation to generation. My grandmothers wedding ring is in my jewellery box. Should it be removed and pawned with the money going to charity because not everyone can have their mothers wedding ring?

Give - nah, it should be smelted down and put back into the treasury so the entire country can benefit equally, regardless of their own contributions to society, obviously

Those who've had bad experiences with charities and executing wills - could I ask what the issues were?

They were pushy (numerous phone calls and letters all going on about how important their work is and how vital the money is) despite the will being sorted very promptly as it was very uncomplicated, most things that could be sorted pre-death were as relative was terminal for 14 months.

They've since used the contact details to pester her widow for more money. Even going so far as to suggest giving money in her memory because it's what she would have wanted. Even when asked by a grieving 40yo man to leave him alone they still continued.

We were lucky. My relative had followed advice to leave a set amount to the charity. Since her death we've heard some horrific stories of people who dealt with wills that left a percentage of the estate to a charity.

@lalalalyra I've had similar experiences and i only donated a small amount to a charity. I had monthly donations and they chased me for more money all the time. I ended up cancelling my standing order to them and blocked their number

I think people are entirely missing the context of this article. They are talking about the seriously wealthy - and in the US. No one expects Joe and Mary Bloggs who own a small house and a tiny pension and have 2 children struggling like them to make good to give that away to charity. This is about people like Gates and other very wealthy people. Gates has already said he won't be passing on his wealth to his children, although I'm sure they'll get enough. There are loads of these people out there where I live. I was at 2 small get togethers this weekend and if I had to guess at the net worth of the perfectly ordinary people who hosted I would say 5 million in one case and possibly 100 million in the other. These people live normal lives in very nice houses doing car pool (one was a car pool get together) and not wearing armani etc. Their children are already privileged by the money being pumped into their education and life chances. It is a reasonable question to wonder if it is moral for these people to give everything to their children and nothing to others.

Also the Republican tax bill will eliminate estate tax. Estate tax only applies above a very high threshold so this won't affect the average household leaving their house and a small savings account to their children. It will affect the Jared Kushners and Ivanka Trumps (although jury is out as to how much money Donald Trump actually has - I think it is a big ponzi/branding scheme myself) who will inherit tax free and so they and their children will continue in a privileged position with unearned capital.

I had no idea charities could try to claim more money.

I’m interested AmySueGina what would you do with the proceeds of banning inheritance? And how would you garauntee that none gets siphoned off by someone who thinks no one will miss a small bit here and there?

I’m another who donates to charity, and if I end up having something to leave it will be to going to my children.

I live in a generally deprived area in the UK. I am however a higher rate tax payer. We have been conned by people on benefit, some people have acted like scums to me, acting racist etc, to think its ethical that my hard earned money will go to them when I kick the bucket because they are poor? I'd rather set a big bonfire to all my cash in my garden before that happens. Or send them all to much deserving poor kids in a third world country!

No. i think too many charities try to guilt people today into leaving money when either dying or terminal ill; that is what is unethical in my book. My parents worked their bollocks off to hope we would benefit - and frankly it will be mininal. I'll still be working FT til god knows when

The idea that they had smugly been persuaded to hand some over to people who were 'disadvantaged' would piss me right off, if I'm honest.

I think it gets a bit hypocritical when people say the wealthy should give away more. I wonder whether those people give away their wealth above the global average?

People have always got fanciful ideas about what to do with other people's money. I'd much rather leave something to my children than give to a charity where the director pays themselves a nice fat salary and 60% of funds go on administration costs. Anyway, it's taxed heavily so IMO it's already being given away to others.

Just bringing it to everyone’s attention about care costs. Chances are any planned inheritances will be swallowed up in paying for personal care. Mil had to go into a care home on residential care rates and had to pay privately. She was in there for the last two years of her life and it cost somewhere in the region of £80,000 and this was for a modest home in a none affluent area of the country.

We all need to factor this in when planning how we are going to manage our old age.

I've factored in care costs - I will be taking a one way trip to Switzerland.

I will make sure that I plan the fuck out of my estate so nothing goes towards inheritance tax. I am paying a massive amount of tax already and don't need to pay more when I die. Inheritance tax is such a stupid idea.

I would strongly advise everyone to make advance directives regarding what level of medical intervention you’re willing to be subjected to following an accident or severe illness. People can be artificially kept alive with drugs and antibiotics for significant periods of time, sometimes years, when they would rather not be subjected to this.

I agree Barrow, for the vast majority of us leaving an inheritance will be a pipe dream, care costs are rocketing and the Govt (of whatever shade) will come back to the dementia tax in some form soon. Average costs of a nursing home in the South East are north of £1000 per week for self funders.

It’s time they gave the population a choice. They need to legalise assisted dying. I’d rather my assets went to ds than to some grotty care home company.