James Bond actor Daniel Craig recently announced in an interview that he does not plan to leave the substantial money he has earned to his daughters, referring to inheritance as "quite distasteful."
However, an American data analytics company estimates that over the next decade $15 trillion of assets will be passed down to the next generation. Economists refer to this process as 'the great wealth transfer'.
Russell-Cooke partner Rebecca Fisher comments in The Times that, away from "virtuous disinheritance", we understand and talk more about what we give when we give money as the last act of parental love. She reminds readers that it is important to have open conversations before they become difficult conversations.
Daniel Craig and the curse of inheriting is available to read on The Times website via subscription.
Rebecca is a member of the Family Office group and is a partner in the private client team advising families and individuals on all aspects of private client law including wills, estate planning, administration of estates, trusts and powers of attorney.
She regularly advises clients including entrepreneurs, business owners and multi-generational family businesses on succession planning, with particular focus on inheritance tax and capital gains tax planning. Rebecca fully understands the unique challenges that family businesses face.