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Celebrities Opt Out of Leaving Fortunes to Children
31 May
Summary
- Several celebrities are choosing not to leave their wealth to their children.
- They believe this approach fosters independence and a strong work ethic.
- Inherited wealth is seen by some as a disservice or a potential harm.
Several high-profile celebrities are publicly stating their intentions to not leave their fortunes to their children. Musicians like Sting have expressed that creating a life of ease for their offspring is a form of abuse and that they want their six children to make their own way.
Celebrity chef Gordon Ramsay has also indicated that his fortune will not go to his six children, explaining it's not meant to spoil them. Similarly, actors Ashton Kutcher and Mila Kunis plan to donate their wealth to charities rather than setting up trusts for their two children, though they would consider business investments.
Marie Osmond stated in February 2020 that she finds it a disservice to hand over finances, believing wealth can ruin lives. Jeff Goldblum wants his two children to learn to support themselves, emphasizing the importance of teaching kids to work. Kevin O'Leary has established a generational trust that ends after college graduation for his children.
Anderson Cooper also plans to provide for his sons' education but not leave them an inheritance, aligning with his parents' philosophy. These stars aim to instill independence and the value of hard work in their children, often choosing to support charitable causes instead.
