Protecting the Kids By Leaving Them—Nothing? in White Plains, New York
It’s not a concept that everyone agrees with: your kids will be ruined, if you leave them a lot of money. However, for many celebrities, especially those who came from modest beginnings, this is the best way to ensure that their kids are not spoiled brats.
Sometimes we learn about star’s philosophies after they die, when it’s made public that their kids have received a small or no inheritance. Others, like Gordon Ramsay and Nigella Lawson have made it very clear that they have no intention of leaving their fortunes to their children after they die. They are not alone in this belief, reports Starts at 60 in the article “Famous snubs: The stars who have cut their kids out of their will.”
Let’s look at some of the big names leaving their children with little or nothing.
Known for his harsh words and incredible comebacks in the kitchen, Gordon Ramsay has built up a nice fortune for his family. However, he’s said that most of the millions won’t be going to his children, Matilda, Jack Scott, Holly Anna, and Megan Jane. Ramsey has said has no intention of leaving his entire fortune to them, when he’s gone.
“It’s definitely not going to them, and that’s not in a mean way; it’s to not spoil them,” he said. “The only thing I’ve agreed with Tana is they get a 25 per cent deposit on a flat, but not the whole flat.”
Elton John may have been hurt when his own mother snubbed him in her will when she passed away. But he’s said that he doesn’t intend to pass over his entire fortune to his two boys, when he passes away. The 71-year-old singer, who has sons Elijah and Zachary with husband David Furnish, told the Mirror: “Of course I want to leave my boys in a very sound financial state. But it’s terrible to give kids a silver spoon. It ruins their life.”
Bill Gates has famously stated that he will leave much of his estate to charity. Gates remarked, “I definitely think leaving kids massive amounts of money is not a favor to them. Warren Buffett was part of an article in Fortune talking about this in 1986, before I met him and it made me think about it and decide he was right.”
He added that it’s not a favor to kids to leave them have huge sums of wealth. “It distorts anything they might do, creating their own path.”
Simon Cowell may be completely dedicated to his son Eric now, but before becoming a father, the music mogul said he didn’t believe in passing down millions to kids.
“I’m going to leave my money to somebody. A charity, probably–kids and dogs. I don’t believe in passing on from one generation to another,” he said in an interview with Esquire.
Facebook founder Mark Zuckerberg and his wife Priscilla Chan don’t intend to pass on their wealth to their children. In an open letter, Zuckerberg said he wanted to leave the vast majority of their fortune to the limited liability company Chan Zuckerberg Initiative.
“We will give 99% of our Facebook shares–currently about $45 billion–during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others,” he wrote.
Actor Philip Seymour Hoffman left most of his fortune to his partner and his mother, instead of to his children. He told one news outlet that he didn’t want his kids to be considered ‘trust fund’ kids.
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