If you worked very hard to become rich in your life (and presumably secure a future for your children), then congratulations, your hard work paid off.
If your children squander your fortune and squabble over their inheritance, how you feel about that is entirely up to you.
Warren Buffet said he would donate the vast majority of his wealth to charity upon his death. When asked about inherentance for his children, he said that a couple hundred thousand each would be enough.
Parting thought: if your children waste the fortune that you worked so hard to build, that says just as much about you as it does your children.
But this is all hypothetical. I'm sure you have fine kids.
(View this as a follow-on, not a counter. I agree with both you and the GP).
Wealthy kids will always have a leg up on poor kids. It can never become completely equalized, as whatever new attribute that does cause your children to do better will become a new aspect of wealth. That's one of the corollaries to what the GP was saying, and by its nature that leads to a system that leads to a system where the outcomes can never be entirely equalized as lone as you allow different wealth levels.
It's not that children from wealthy families do better (as any situation where that is not true points to a very sick society), but how much better they do, and how well we catch those that are disadvantaged when they fall. This is also complicated by the fact that poverty is relative (and when not, such as using official definitions, nobody can agree how useful it is), It's a very complicated topic, and in my opinion you are generally either stuck with so much nuance that it's hard to tease out some useful plan of action, or so little nuance that you risk taking away the wrong conclusion.
For example, in the end, is how wealthy your children are even the correct thing to be measuring for outcomes? What about happiness? What if we focused on increasing the number of people that reported being happy with their lives? That probably doesn't require people being in the top bracket for income, but it might require that most of the time they aren't in the lowest bracket.
Note that I wasn't talking about inheritance or legacy. The article makes the point that people with money are able to spend more time helping their children, or maybe pay for a tutor, or send them to a great private school. Basically spending money to help them learn how to be successful and be happy.
I don't think I'll ever reach a point where I have a "fortune" to give to my kids :)
If your children squander your fortune and squabble over their inheritance, how you feel about that is entirely up to you.
Warren Buffet said he would donate the vast majority of his wealth to charity upon his death. When asked about inherentance for his children, he said that a couple hundred thousand each would be enough.
Parting thought: if your children waste the fortune that you worked so hard to build, that says just as much about you as it does your children.
But this is all hypothetical. I'm sure you have fine kids.