The College Admissions Scandal and Estate Planning; The Problem of Privileged Kids

The College Admissions Scandal and Estate Planning; The Problem of Privileged Kids

The recent college admissions scandal has shone a spotlight on the disparity between wealthy and ordinary families.

Used to be a generous donation was enough, and then wealthy parents began piling on the tutors and funding impressive activities to give their kids an edge. But now, the stinking rich have finally sunk to flat out cheating and bribing to get their kids into the best universities.

Not surprisingly, people are hopping mad. Isn’t it enough that these spoiled kids have all the advantages already? When Instagram celebrity kids get into schools this way, it is at the expense of hard-working and smart students whose spots they (or their parents) have essentially stolen. It’s just plain galling. But the scandal raises questions beyond college admissions. Why are these parents so willing to try and cheat the system?

This is just a symptom of a greater problem. Many wealthy parents fall into the trap of believing they should give their children everything they want and even things they don’t. As long as it’s the most and the best, they’re doing right by their kids.

But this is just wrong, and many wealthy parents realize that showering children with wealth and opportunity may not be the best thing for them. Take Bill Gates and Warren Buffet, for example. They have refused to raise trust fund children and have made it clear that the vast majority of their fortunes will go to charity.

When wealthy parents over-privilege their children, the children are certain to suffer as they will never build the skills and character necessary to succeed on their own. But wealthy parents may pay a price too.

Click on the link below to see how some wealthy families paid the price for over-indulgence.
The College Admissions Scandal & Estate Planning: The Privileged Child Problem | Forbes

 

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