Reply to Husband doesn't want to leave our kids much in inheritence

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[quote=Anonymous][quote=Anonymous]We are in the process of updating our estate documents and it has become very tense. Current investments are around $14M and our only debt is $400K mortgage and we will owe income taxes when we exercise our stock options (probably around $1.2M or so in taxes). Bottom line, we aren't going to run out of money based on our current spending so there will be a substantial amount left when we die.

My husband only wants to leave each of our 2 kids $2M each and the rest to charity. My concern is $2M seems like a lot of money, but when you consider inflation, who knows what it will be in 20 or 30 years. He keeps telling me he doesn't want his legacy to be making his kids wealthy.  I am struggling with leaving them such a small percentage of our estate.  Both my husband and I came from very humble background, and he basically wants our kids to have our same or similar struggles in life.  I am at a loss at how to counter this.

Anyone else grapple with this?
[/quote]

He has the "Bill Gates" syndrome. Gates kept announcing that he will leave 'only' $10 mil to each of his kids. Nevermind that the daughter has her own multi-acre equestrian estate, a fancy $25mil+ house in NYC and god knows what else. Buffet claims to be doing something similar but his kids are on the board of charities that pay them hefty salaries. The point is, the rich talk out of both sides of their mouth. Tell him not to emulate them.

As others pointed out, of the $14 mil, $7mil is yours to leave to whoever you want and you should leave that to your kids. He doesn't need to know.[/quote]

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