At the same time, today's millionaires are putting few restrictions on how their kids spend their inheritances. And they believe that there is no such thing as "too much" when it comes to leaving money for their kids.
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When asked "how much is too much" to give to their kids, the majority (59 percent) said there is "no such thing as too much." When asked to describe their attitudes about inheritance, the largest number (41 percent) agreed with the statement that "I want to leave my children as much money as possible and I am confident they will be responsible with the money." Only 17 percent agreed with the statement that they will be "cautious in how much I give my children because I believe they need to learn to be self-reliant."
Fully 84 percent said they do not plan to specify to their kids what their inheritances should be used for.
Read MoreKey to wealth? More education
When asked what age their children were when they were told about their inheritance, the largest number—44 percent—said they haven't told their kids yet. One in five said their kids would be 30 or older before they were told about their inheritances and 20 percent said the age would be 20 to 29.
Walper said today's wealthy and their kids are far more educated when it comes to managing and preserving wealth, and that risks of a whole generation of free-spending Paris Hiltons are overblown.
"As more wealth is being passed down through the generations, it will be more thoughtfully passed down," he said. "It's also about passing down values along with the money."