This Is My Money: Celebrities Who Refuse To Pass Their Wealth On To Their Kids
These celebrities say their kids need to work and create their own wealth because they’re not passing down their millions. Is this good parenting, or a crying shame?
Despite inheriting a lot of money from her wealthy parents, Nigella Lawson said her kids will have to support themselves after they graduate. “I am determined that my children should have no financial security. It ruins people not having to earn money.”
How much will the kids of one of the richest men in the world inherit? Next to nothing. Bill has said that he plans to give most of his money away to charity. Why? He thinks passing down that much money “wouldn’t be good either for my kids or society.”
Kiss bassist Gene Simmons said his kids Nick and Sophie won’t get much of his $300 million fortune.
“In terms of an inheritance and stuff, they’re gonna be taken care of, but they will never be rich off my money. Because every year they should be forced to get up out of bed, and go out and work and make their own way.”
Jackie Chan said that he’s giving half of his fortune away to charity when he dies. The other half probably won’t end up in the hands of his son Jaycee. Chan said it’s up to his son to make it on his own: “If he is capable, he can make his own money. If he is not, then he will just be wasting my money.”
You may not be able to take it with you, but you can spend it all before you go. And that’s what Sting told his kids he plans to do with his wife, Trudie: “I told them there won’t be much money left because we are spending it.”
Despite being one of the richest actresses in the world years ago, Joan Crawford left her adopted children almost nothing “for reasons which should be well known to them.” But her daughter Christina got the last laugh when she wrote the memoir Mommie Dearest, which went on to be made into a successful cult classic movie.
After Paris Hilton’s sex tape embarrassed the Hilton family, her grandfather Barron Hilton announced that he had decided to donate 97 percent of his billion-dollar fortune to charity.
Philip Seymour Hoffman
When the actor suddenly passed, he did not will any of his $35 million estate to his children. Why? Hoffman said he didn’t like the idea of his kids growing up to be trust-fund babies. So who did he leave his estate to? His longtime girlfriend, Mimi O’Donnell.
Is anyone else not surprised to learn that the former American Idol judge plans to give his son little to nothing of a fortune that’s more than half of a billion? So where will all the money go? Simon said probably to a charity for “kids or dogs.”
Sometimes leaving nothing is more about the principle than the money. Actor Mickey Rooney only had $18,000 to his name when he died, but he gave it all to his stepson. Why? Because he didn’t trust any of his many other children.
During their unfortunate father-son feud, which is still going on, 50 Cent promised to disown his son in a series of text messages. He asked Marquise Jackson “If I died today would it matter to you? I’m changing my will. It’s a simple question.” But 50’s fans are still hoping this family feud will blow over.
Even though he battled illness for years before his death, Barry White left no will to share his $20 million fortune with his eight children.
Rapper Nate Dogg didn’t leave a will either. And after his sudden death in 2011, his creditors took over his estate to settle his debts, and his family got nothing.
Bob Marley knew that his cancer was terminal, but he still did not leave a will for his kids. So Rita Marley forged his signature to gain control of his $30 million estate. But when the authorities discovered the scam, they handed the money over to Marley’s children.
Toni Braxton hasn’t discussed her will, but she does charge her two young sons rent so that they will understand that “when you get older and have to leave, you have to pay bills.” Do you think she’ll keep teaching her sons financial responsibility by choosing not to leave her money to them in a will?