You can't take it with you. Many children of wealthy baby boomers won't be taking it either.
A US Trust survey of 457 high-net-wealth individuals released Tuesday found 51 percent said it is not important to leave their kids an inheritance, even though their children's success is an important measure of their own success.
"These are mainly self-made people," 50 percent of whom said they paid a price in personal relationships and possibly their own health when they made their wealth, US Trust President Keith Banks told CNBC. So they think "I’m going to get a return on that investment for myself, number one, and maybe my children down the road."
Among the study's other findings: 75 percent said their wealth is the result of their own focus and hard work, 52 percent have not fully disclosed their wealth to their children and 55 percent intend to actively volunteer after retirement.