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Death and Dollars - The Role of Gifts and Bequests in America (Paperback, New)
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Death and Dollars - The Role of Gifts and Bequests in America (Paperback, New)
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Despite the recent downturn in the stock market, the 1990s boom and
the shift to defined contribution plans mean that more individuals
will have significant wealth upon retirement. How they use that
wealth will determine not only their own well-being, but also the
living standards of their children, the resources available to
philanthropies, and the level of investment capital in the economy.
This volume explores the reasons why people save, how they decide
to allocate their wealth once they retire, and how givers select
their beneficiaries. It also assesses the extent to which the
estate tax and annuitization of retirement wealth affects the
amount and nature of wealth transfers. Finally, it looks at the
impact of wealth transfers--first on the amount of aggregate saving
and capital accumulation, and then on the distribution of wealth
among households. Several conclusions emerge. First, gifts and
bequests are important; they may account for about half of total
wealth in America. Second, rich people make most of the wealth
transfers. They are thoughtful about how much they pay in taxes and
how they dispose of their wealth. They care about philanthropic
causes and view their charitable contributions as more than a way
to avoid paying estate taxes. Third, most nonrich people probably
have some lexicographic preferences about the disposition of their
wealth; they want to ensure they have adequate resources to take
care of their own needs, and if money is left over, they would like
it to go to their children. Fourth, little support has emerged for
the pure altruistic model of bequests. Fifth, institutions matter.
In the case of the rich, the estate tax probably reduces saving and
increases bequests to charity. In the case of the nonrich, the
shift to defined contribution plans will at a minimum mean that
they have more wealth in their hands when they die, and therefore
they will leave larger accidental bequests. It might also increase
their interest in leaving an estate for their heirs. Saving and
bequest behavior remains a fertile ground for future research.
Major differences of opinion remain on such important issues as the
effect of bequests on the distribution of wealth. The contributors
to this volume provide a summary of existing knowledge, push the
debate forward, and link topics in a unique and comprehensive way.
At the same time, they make clear that many questions remain
unresolved about the motives for and effects of wealth transfers.
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