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1 THE DISTRIBUTION AND DIVISION OF BEQUESTS: EVIDENCE FROM THE COLLATION STUDY David Joulfaian' U.S. Department of the Treasury OTA Paper 71 August 1994 OTA Papers and Briefs are circulated so that the preliminary findings of tax research conducted by staff members and others associated with the Office of Tax Analysis may reach a wider audience. The views expressed are those of the authors, and do not reflect Treasury policy. Comments are invited, but OTA Papers and Briefs should not be quoted without permission from the authors. Additional copies of this publication may be purchased from the National Technical Information Service, 5285 Port Royal Road, Springfield, VA 22161 Office of Tax Analysis U.S. Treasury Department Washington, DC 20220 * Financial Economist, Office of Tax Analysis. Lowell Dworin, Bill Gale, Dan Feenberg, Barry Johnson, James Poterba, and participants at OTA seminar,ASSA 1992 meetings in New Orleans, and the Tax Economist Forum in Washington, DC, provided valuable comments.

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Page 1: OTA Paper 71 - The Distribution and Division of Bequests ...THEDISTRIBUTION AND DIVISION OF BEQUESTS: EVIDENCE FROM THECOLLATION STUDY Abstract This paper describes the pattern of

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THEDISTRIBUTION AND DIVISION OF BEQUESTS: EVIDENCE FROM THECOLLATION STUDY

David Joulfaian' U.S.Department of the Treasury

OTA Paper 71 August 1994

OTA Papers and Briefs are circulated so that the preliminary findings of tax research conducted by staff members and others associated with the Office of Tax Analysis may reach a wider audience. The views expressed are those of the authors, and do not reflect Treasury policy. Comments are invited, but OTA Papers and Briefs should not be quoted without permission from the authors. Additional copies of thispublication may be purchased from the National Technical Information Service, 5285 Port Royal Road, Springfield, VA 22161

Office of Tax Analysis U.S.Treasury Department

Washington, DC 20220

* Financial Economist, Office of TaxAnalysis. Lowell Dworin, Bill Gale, Dan Feenberg, Barry Johnson, JamesPoterba, and participants at OTA seminar,ASSA 1992 meetingsin New Orleans, and the Tax Economist Forum in Washington, DC, provided valuable comments.

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THEDISTRIBUTION AND DIVISION OF BEQUESTS: EVIDENCE FROM THECOLLATION STUDY

Abstract

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 the 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.

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THE DISTRIBUTION AND DIVISION OF BEQUESTS: EVIDENCE FROM THE COLLATION STUDY

I. Introduction

The pattem of intergenerational transfers and its motivation have attracted

considerable attention in recent years. Much of this is due to the recognition of the

potential effects of the flow of bequests on the transmission of inequality in the

distribution of income and wealth as well as its impact on wealth accumulation and

savings.' With over one hundred billion dollars in annual transfers, these flows may

have significant implications for public policies related to income and wealth

redistribution, national savings, and the role of transfer taxes.

Despite several studies in recent years,2 little is known about the pattem of

bequests in the U.S. The purpose of this paper is to provide estimates on the

distribution of terminal wealth and the division of bequests for top wealth holders in the

U.S. To accomplish this, the paper uses data prepared by the Statistics of Income

Division (SOI)of the Intemal Revenue Service for the Collation Study (CS). The data

consist of a national sample of estate tax records of decedents in 1982 along with their

income tax retums for the years 1980 through 1982. The data also contain income tax

records for the heirs for the years 1980 through 1982, as well as for 1985.

The paper is organized as follows. Section II describes the samples of estate

and income tax records in the collation study (CS). It provides summary statistics on

the asset holdings, estate expenses, age and marital status for some 8,500 decedents.

It also notes the number of income tax retums filed for decedents (about 8,000)and

non-spouse heirs (16,500) disaggregated by the size of the decedent's gross estate.

See Gale and Scholz (1992), and Kotlikoff and Summers (1981).

See Menchik (1980, 1988) and Tomes (1988).

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Section 111 describes the population of estate tax decedents. It provides

information similar to that reported in Section 11 but weighted to the decedent

population. The results show that death taxes represent about 13 percent of net worth.

When measured relative to intergenerational transfers, however, the effective tax rate

is about 24 percent, and ranges from 6 percent for the least wealthy to about 57 percent

for estates in excess of $10 million. Overall, estate taxes, charitable bequests, and

other expenses represent about 22 percent of net worth.

Section IV provides statistics on the size of bequests by type of relationship

between the heir and the decedent. The section reports the number of heirs and the

amount of inheritance for each of eleven categories of beneficiaries. The results show

that spousal bequests account for 38 percent of wealth (net worth), children for 18.7

percent, trusts for 9 percent, siblings for 3 percent, nieces and nephews for 3.2 percent,

2.5 percent for grandchildren, with the remaining 3.6 percent distributed to parents,

aunts and uncles, among others.

Section V provides statistics on the relative frequency of unequal division of

bequests to children. The number of estates and the amount of bequests, are reported

by the size of the coefficient of variation on bequests and by the size of gross estate of

the parent. Overall, the results for multi-child families show that about 63 percent of

the estates divide bequests equally.3 The section also reports mixed results on the

division of bequests when the number of children vary. About 67 percent of the estates

with two-children report equal divisions, 63 percent for three children, 56 percent for

four children, and 65 percent for five children.

Section VI provides statistics on the pre-inheritance income of children and

inheritancereceived. The results show that the average inheritanceis about three times

as large as the income of the child recipient. This multiple of income ranges from 21

for heirs with positive income under $lO,OOO,to 0.75 for those with income of at least

Equal division is defined as having a CV of under 0.001 percent.

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$200,000. The results also show 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. A concluding comment is provided in section VII.

II. The Collation Data

The data in the collation study (CS) is drawn from the Internal Revenue Service

estate tax records for decedents in 1982. Decedents whose estates are required to file

estate tax returns represent about 3 percent of all decedents in 1982. Nevertheless,

using the estate multiplier technique, the net worth of these decedents is representative

of individuals who control about one third of the total U.S. net worth? As such,

although the collation data consists of only a small percentage of individuals, it provides

information representative of a large percentage of wealth holdings.

The CS data set is based on a 1% random sample of estate tax returns Ned

during 1982 and 1983 for decedents in 1982. Returns with total assets over $1 million

were selected at a sampling rate of 100 percent. Tables 1A and 1B provide a detailed

profile of the wealth holdings of individuals in the sample. The tables show the number

of individuals and the amounts held in each of 13 asset categories by size of gross

estate. The sample consists of some 8,500 estates with assets of $300,000 or more.’

The mean age of the decedents is 75 years. In total, their estates hold $21.28 billion

in assets, have a net worth of $19.87 billion, and are subject to estate taxes of $3.5

billion ($2.97 federal). Charitable bequests account for $1.96 billion and spousal

bequests account for $7.76 billion.

See Schwartz (1988).

The filing threshold was $225,000 in 1982. The $300,000 limit is the sampling threshold used by SOI.

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In addition to estate tax records, the CS data also contain income tax records for

decedents as well as heirs. Table 1C reports the number of income tax returns

successfully matched against the estate tax returns of decedents. The number of

matched returns are 7,871,8,015, and 7,651 for the years 1980 through 1982,

respectively. Unsuccessful matches resulted in an average loss of about 8 percent of

the original sample. This canbe attributable to late filing of income tax returns as well

as the ever-present technical difficulties of matching a sample of this size against the

records of over 100million individuals.

As for heirs, the number of matched income tax returns is 16,534,16,585,and

16,063for each of the years 1980through 1982,respectively, and 15,444for 1985,the

post-inheritance year.6 These matches are far less than the 35,128heirs reported in

the sample of estate tax returns (see Section III). The gap can be attributed to several

factors in addition to those noted for the decedents’ returns. First, many estates did not

provide social security numbers for some or all of the heirs. Some heirs are minors or

aliens and did not have social security numbers. Some tax preparers provided partial

listing of social security numbers or none at all. Second, beneficiaries reported on

estate tax records represent individuals and not family units. A married couple filing

a joint tax return, for instance, may show-up as two heirs on the estate tax return.

III. The Population of Estate Tax Decedents:

Tables 2A and 2B provide information similar to that in tables 1A and 1B but

weighted to the population of estate tax filers. Table 2A shows that about 32,500

decedents have gross estates between $300,000and $500,000and 218 decedents have

gross estates over $10million. Cash is held by over 82percent, followed by real estate

Several hundred returns, filed late, are also available for the years 1978,1979, 1983,and 1984.

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(70 percent) and corporate stock (66 percent). Fewer than 60percent of the decedents

held life insurance policies. The average decedent was 74 years old, with the wealthiest

group slightly older with a mean age of 76. About half of the decedents (29,822) were

married. Twenty percent (9,334) of the returns reported charitable bequests, with about

half of the wealthiest compared to 13 percent of the least wealthy giving.

Table 2B shows that estate tax decedents in 1982 had total gross estates of $48.6

billion and net worth of $45.9 billion. The largest asset holding is copra t e stock

($11.9 billion) followed closely by real estate ($10.5 billion). Estate expenses, such

as those for funeral, attorney, and others, are about $1.5 billion. They account for 3.3

percent of net worth, and range from 3.7 percent for the least wealthy to 2.7 percent

for the wealthiest. Total charitable bequests were $2.7 billion, 5.9 percent of net

worth, with the wealthiest giving about 21.9 percent of their wealth and the least

wealthy 2 percent.

The federal and state estate or inheritance tax liability was $5.9 b i l l i~n .~Taxes

represent about 12.9 percent of net worth, and range from 5.7 percent for the least

wealthy to a high of 16.4percent. The tax liability as percent of net worth less estate

expenses, charitable and spousal bequests, essentially the effective tax rate on

intergenerational transfers, is about 23.6 percent and ranges from a low of 9.4 percent

to 56.8 percent for the wealthiest estates.' Differences in these effective tax rates

The federal estate tax liability was $5.1 billion. An additional $0.8 billion in taxes were paid to the states which were fully offset by a federal tax credit.

'The marginal tax rates are: Net Worth

~$OOo) 300- 500 500- 1,Ooo

1,OOO- 2,500 2,500- 10,OOO 10,OOO or over

Tax Rate {return-weighted)

29.2 37.9 42.4 56.1 62.2

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reflect the tax treatment of spousal transfers. Such transfers are accorded an unlimited

deduction but become fully taxable in the estate of the surviving spouse.

Charitable bequests, taxes, and estate expenses accounted for about 22 percent

of net worth. These expenses range from a low of 11.6 percent for those with gross

estates between $300,000 and $500,000to a high of 41 percent for those with gross

estates over $10 million. Such expenses account for 34.6 percent of terminal wealth

net of spousal transfers, and range from 17.3 percent for the least wealthy to 76 percent

for the wealthiest estates.

IV.Division of Bequest by Type of Relationship:

For each heir, the amount of inheritance and the relationship to the decedent is

reported on the estate tax return (Form 706, page 3). The CS data classifies heirs

along eleven categories of relationships. These are: (1) spouse, (2) son, (3) daughter,

(4) grandchild, (5) sibling, (6) nieceor nephew, (7) aunt or uncle, (8) parent, (9) other,

(10) estate or trust, and (11) not ascertainable. Category 9 includes sons-and

daughters-in-law, great grandchildren,cousins, as well as unrelated individuals. Estates

or trusts (category 10) includes bequests not immediately distributed to heirs. Spousal

trusts are classified under spousal bequests regardless of the relationship of the

remainderman to the decedent.

Tables 3A and 3B provide a breakdown of bequests and number of heirs by type

of relationship to and size of the estate of the decedent. The number of beneficiaries

reported on the estate tax returns in the sample is 44,230, or 35,128 if spouses and trust

beneficiaries are excluded. These include 9,481 children (4,674 sons and 4,807

These tax rates are computed for widowed and single decedents only. The estates of married decedents are excluded as their assets will pass through the estates of their surviving spouses (widows and widowers).

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daughters), 5,547 grandchildren, 1,794 siblings, 5,428 nieces and nephews, 137

parents, aunts, and uncles, and 12,741 others. Interestingly, children represent less

than 30 percent of the 35,128 beneficiaries in the sample.

When weighed to the estate tax filing population, and as shown in Tables 3C and

3D, the total number of beneficiaries is estimated to be 237,064, with $34.2 billion in

total beque~ts.~The results for the estate tax filing population show that, after payment

of estate taxes and charitable bequests," about one-half of the distributable estate, or

$16.7 billion, is bequeathed to surviving spouses, 24 percent to children, 11.5 percent

to trusts, 3.8 percent to siblings, 4.1 percent to nieces and nephews, 3.2 percent to

grandchildren, with the remaining 4.6 percent distributed to parents, aunts and uncles,

among others.l1

Table 3E shows that, on average, a child received an average inheritance equal

to 22 percent of that received by the surviving spouse, or about $122,000 ($113,910

for sons and $130,242 for daughters). There are 33,010 sons and 34,020 daughters

with total inheritances of $3.76 billion and $4.43 billion respectively. Grandchildren,

32,478 of them with $1.08 billion in inheritances, received much smaller inheritances

or about 25%of the average child inheritance.

Siblings, with 14,012 heirs, inherited $1.28 billion, with an average inheritance

of $91,649 or about 75% of the average child. Nieces and nephews, with 29,576

~

Bequests are about $35.7 billion when constructed from estate tax information. The difference is in part due to differences in asset valuation.

lo Estate taxes, charitable bequests, and other expenses are $5.9 billion ($5.1 federal), $2.7 billion, and $1.5 billion, respectively. Combined, they account for about 22 percent of terminal wealth.

I

As a share of terminal wealth, spousal bequests account for 38.1 percent of wealth, children 18.7 percent, trusts 9.0 percent, siblings 3.0 percent, nieces and nephews 3.2 percent, grandchildren 2.5 percent, and parents, aunts, among others, account for the remaining 3.6 percent.

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beneficiaries, inherited $1.4 billion or an average of $46,982. Bequests to the older

generation seldom occurred. Only 42 aunts and uncles were reported with an average

inheritance of $62,138. Parents, with 885 beneficiaries, inherited much more. The

average inheritance is $127,581 slightly higher than that of the average child.

Other relations include 41,500 individuals with $1.3 billion inheritance or an

average of $31,290. These include great grandchildren, in-laws, and friends, among

others. Bequests to trusts and estates -- 16,499 of them -- are about $3.49 billion for

an average transfer of $239,242. Note that these transfers exclude the surviving

spouse's share. As stated earlier, spousal trusts are reported as bequests to spouse.

V. The Bequest division among children:

Evidence on the bequest division is reported on Tables 4A through 1OB. As was

stated earlier, the estate tax return provides information on the heirs and the size of

inheritance. As such, information on disinherited children are not reported on estate

tax records. Given that "disinherited" children are not captured in the CS data, one can

measure the degree of unequal division of bequests for the heirs only. Consequently,

measures of unequal division measured from the CS data should be viewed as providing

an upper (lower) bound on the frequency of equal (unequal) division of bequests.12

Of the 60,000 estate tax returns filed for the 1982 decedents, some 20,000

reported multi-child heirs. Tables 4A and 4B summarize the extent of equal division

among children. The table divides estates into 9 classes of within family coefficients

of variation (CVs), ranging from equal division to cases with CV's over 50 percent.

These tables shows the number of estates, total and average bequests broken down by

size of estate and CV.

l2 One estate, for instance, reported a single heir to the entire estate. The will, however, showed that the decedent had 6 children with a single heir.

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The top panel of Table 4A shows that of a total of 20,178 estates, 12,614, or

63 percent of the total as shown in the top panel of Table 4B, reported equal bequest

divi~i0ns.l~In contrast, 21 percent reported CV’s in excess of 20 percent. With the

exception of estates under $500,000, the relative frequency of equal division declines

with the size of the estate.

It is a possible that the above reported results could be misleading to the extent

that some children have a portion, if not all, of their inheritances held in trust, rather

than received a direct transfers. Since transfers to trusts are reported as such and the

relationship to the heir is not reported, the findings on the division of bequests can be

misleading. To evaluatethe extent of bias that the presence of trusts introduces, Tables

4A-B were re-estimated by excluding all estates reporting any trust transfers and the

results reported in Tables 5A and 5B. Comparing the division of bequest in tables 4A-

B and 5A-B suggests that the presence of trusts does not necessarily yield biased

aggregate estimates for the division of bequests. The results show that less than two-

thirds of estates divide equally. Of course, we still remain ignorant of the true division

of bequests when trusts are present.

In addition to trusts, a second concem involves estates with spousal transfers.

Surviving spouses receive the bulk of the terminal wealth for some estates.

Consequently, it is possible that equal division of the estate may have to be postponed

until the death of the surviving parent. To test for this potential bias, estates with

spousal transfers, in addition to those with trusts, were excluded. Tables 6A and 6B

provides information on the bequest division for the estates of widowed decedents with

no trust beneficiaries. Again, the results are consistent with those in Tables 4A-B and

5A-B. About 63 percent of the estates provide for equal divisions of bequests.

Tables 4A-B through 6A-B show the probability of unequal division to rise with I

the size of gross estate. Estates with assets under $500,000 are the exception.

l3 Note that equal division is defined as having CV’s under 0.001 percent.

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However, if equal division were to be defined as having a CV of under 1 percent, then

the size of the estate would seem to have a lesser effect on the pattern of bequest

division. In addition, if one were interested in the distributions of bequests (dollars)

than the relative frequency of estates by CV, than a slightly different picture emerges

with the disparities becoming much smaller.

Another interesting question is whether the bequest division varies with the

number of children. Tables 7A-B replicate Tables 4A-B for two-child parent^.'^ Tables 8A-B through 10A-Balso provide similar statistics for three to five child estates.

The results, reported in tables 8A through lOB, show that 67 percent of the two-child

estates divide equally, 63 percent for the three child, 56 for the four-child, and,

interestingly, 65 percent for five-child estate.

The above results are subject to several caveats. First, and as noted earlier,

they do not account for disinherited children. Second, the estate division may not

necessarily reflect the parent’s will as much as the heirs’ choice. One will, for

instance, provided for equal division but deferred to the children on alternative ways

of dividing personal property which they did. This is likely to lead to an overstatement

of the frequency of unequal division, especially among the less wealthy. Third, the

inheritances of the son-and-daughter-in-laws, as well as grandchildren, are not added

to the children’s inheritances.

VI. Heir’s Income and the Size of Inheritance:

Using the matched beneficiary income taxrecords and parents estate tax returns,

this section provides estimates of the distribution of inheritance received by size of the

pre-inheritance income of the children. Tables 11A through 11D provide summary

l4 Recall that these do not include disinherited children.

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statistics on the adjusted gross income (AGI) in 1981 of the children along with the

inheritance received.

Tables 11A and 11Bprovide sample summary statistics. The top panel of Table

11A shows the number of children by the size of their AGI and the parents gross estate.

The number of matched returns in the sample is 7,830although 8,499 heirs are

reported on the estate tax return. The difference, as discussed earlier, can be attributed

to the fact that many heirs need not file an income tax retum, as well as other factors.

The 7,830individuals have combined AGI of about $672million, and inheritances of

about $1.94billion.

Tables 11Cand 11Dprovide summary statistics weighted to the estate tax filing

p~pulation.'~ The results in Table 11C show that 54,000 children received

inheritances from estate tax decedents in 1982. Their total AGI in 1981 was about

$2.57billion and the inheritance received is $8.29billion, or three times their income.

The top panel shows that wealthy parents are more likely to have high income children.

Less than one percent (0.0077) of the children of the least wealthy, or 220out of 28483

individuals, have incomes in excess of $200,000. In contrast, 34.9 percent of the

children of the wealthiest parents, or 84 out of 241 observations, have incomes in

excess of $200,000.The reverse pattem is observed for children with positive income

under $lO,OOO. About 12 percent (3,409out of 28,483)of the children of the least

wealthy compared to 5 percent of those of the wealthiest fall in this income group.

The top two panels of Table 11D report mean values for AGI and inheritance

received. The average AGI is $47,433,and ranges from a positive AGI mean of

$5,376to a high of $352,427. In addition, the average income of children rises with the wealth of the parent. The average income of children of the least wealthy group

is $34,960compared to $271,254for the wealthiest group. This pattem is probably

l5 To account for attrition, the matched sample was post-stratified and new weights were computed.

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due to greater human capital transfers to children of the wealthiest group, with little

should be attributed to inter-vivos gift.16

In contrast to AGI, the mean inheritance seems to be invariant to the size of

income of the heirs. The average inheritance ranges from about $115,000 in the lowest

positive AGI class to $265,000 in the top AGI class, and from $131,000 for the heirs

of the least wealthy to about $630,000 for the heirs of the wealthiest. On average, the

inheritance received is about three fold the average income. This multiple ranges from

a high of 21 in the lowest positive AGI class to a low of 0.75 times the average income

in the top bracket, partially reflecting income m~bility.'~

Since the pattern of bequests, as well as the size of terminal wealth, is likely to

vary by the marital status of the decedent (married or surviving spouse), Tables 11C-D

are replicated in Tables 11E-F for widowed or widowered decedents and Tables 11G-H

for married decedents. The top panel of Table 11F for widowed (and widowered)

decedents shows that the average child AGI is $48,410, slightly higher than the average

of $47,433 for all children reported in Table 11D. In contrast, the average inheritance

of $173,985, shown in the middle panel of Table 11F, is considerable higher than the

average of $152,909 reported in Table 11D. The average inheritance is about 3.6 times

the average income of a child, where the multiple ranges from a high of 29.2 fold for

the lowest income heirs to 0.88 for the highest income heirs.

In contrast to the results in Table 11F, the top panel of Table 11H for the

children of married decedents shows an average AGI of $46,570, slightly lower than

the average of $47,433 for all children reported in Table 11D. In addition, the average

inheritance of $133,747 shown in the middle panel of Table 1lH, is considerable lower

l6 Tables 2A and 2B show $294 million in post-1977 cumulative taxable gifts compared to terminal net worth of $45.9 billion in 1982.

l7 Note these statistics do not account for age differences nor do they control for between/within group (siblings) variations.

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- 13 -than the average of $152,909 reported in Table 11D. The average inheritance is 2.87

times the average income is 2.87, and this multiple ranges from a high of 13.9 to 0.63.

VII. Conclusion:

Using the 1982 Collation Study data, this paper provided detailed evidence on

the pattern of distribution and division of bequests for top wealth holders in the U.S.

The CS data is unique in that it contains information from estate tax returns for

decedents, along with their income tax returns and the returns of the heirs.

The paper described the composition of terminal wealth and its disposition. The

data show that estate taxes, charitable bequests, and other death expenses represent

about 22 percent of net worth. Second, it provided information on the relative size of

inheritance for eleven categories of beneficiaries. After payment of estate taxes,

charitablebequests, and other death expenses, about one-half of the distributableestate,

or $16.7 billion, is bequeathed to surviving spouses, 24 percent to children, 11.5

percent to trusts, 3.8 percent to siblings, 4.1 percent to nieces and nephews, 3.2 percent

to grandchildren, with the remaining 4.6 percent distributed to parents, aunts and

uncles, among others.

Third, it provided evidence on the relative frequency of equal division of

bequest for multi-child estates. The evidence shows that 63 percent of the estates

dividebequests equally. Fourth, it compared inheritancereceived to the pre-inheritance

income of the children. The results show that the average inheritance is about three

times the size of the average AGI. The results also show 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.

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- 14 -

References

Gale, W. and K. Scholz, "Intergenerational Transfers and the Accumulation of Wealth," mimeo, 1992.

Kotlikoff, L. and L. Summers, "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy 89, 1981, 706-32.

Menchik, Paul L. (1988). "Unequal EstateDivision: Is it Altruism, Reverse Bequests, or Simply Noise?" in Kessler, D. and A. Masson (eds.), Modeling the Accumulation and Distribution of Wealth, Oxford: Clarendon Press, pp. 105-116.

Menchik, Paul L. (1980). "Primogeniture, Equal Sharing, and the U.S. Distribution of Wealth," Quarter@Joumal of Economics, March, pp. 299-316.

Shwartz, Marvin (1988). "Estimates of Personal Wealth, 1982: A Second Look," SOZ Bulletin, Volume 7, Number 4, Spring, pp. 31-46.

Tomes, Nigel (1988). "Inheritance and Inequality within the Family:Equal Division among Uneqds, or do the Poor Get More?", in Kessler, D. and A. Masson (eds.), Modeling the Accumulation and Distribution of Wealth, Oxford: Clarendon Press, pp. 79-104.

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