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Effects of Inheritance Receipt

gifts account for a very substantial share of total household net worth in the U.S. While the exact share has been the subject of an ongoing debate in the literature, with estimates ranging from 20% to 80% of net worth, even the lower bound of the estimates suggests that transfers are quite large. For example, Brown and Weisbenner (2004) estimate the value of all transfers ever received at $5.4 Trillion in 1998, or just under one-fifth of total household net worth, and the value of expected future transfers at $2.9 Trillion. As not all families receive bequests, their importance for the families that do receive them is even greater than what these numbers suggest. Indeed, Brown and Weisbenner (2004) estimate that the value of past transfers accounts for half of net worth among the 22% of households who have received a transfer and that the expected value of future transfers accounts for over half of net worth for the 13% of households who expect a future transfer. When a bequest is received, a household has several options for how to spend it. The household may increase its current and future consumption and decrease its active saving. Household members may consume some of the new wealth in the form of leisure and decrease their labor supply, either by exiting the labor force, reducing hours, or switching to a job with a lower or more uncertain income but other desirable characteristics. The household also may change its plans to leave an inheritance or make an