Distribution and Division of Bequests: Evidence from the Collation Study

摘要

This paper describes the pattern of the distribution and division of bequests in the US. Employing a national sample of federal estate tax records for decedents in 1982 with gross estates in excess of $300,000, along with the matched income tax records of heirs, it provides a snapshot of the composition of terminal wealth, its disposition, and the characteristics of the heirs. The results show that (1) charitable bequests, estate taxes, and other expenses account for 22 percent of net worth, or 34.6 percent of net worth less spousal transfers; (2) spousal transfers account for one-half the distributable estate (net worth less charitable bequests, taxes, and other expenses), and transfers to children for 24 percent; (3) children receive equal inheritances in 63 percent of the estates; (4) the average inheritance is about 3 times the income of the child heir; and (5) that wealthy parents are more likely to have children with high income. About 35 percent of the children of the wealthiest decedents reported income in excess of $200,000 compared to less than 0.8 percent of those of the least wealthy.