Celebrity offspring may have hit the genetic jackpot, but these children will not inherit the pot of gold.
Anderson Cooper, Ashton Kutcher, marie osmond, Simon Cowell, and more stars have their own logic for not leaving behind their luck, arguing that passing large amounts of money can be harmful rather than helpful. But are their decisions practical?
“What I’ve seen from other parents is that they don’t want to pay so much money that it takes away their child’s sense of purpose,” Debra RedwayA certified financial planner, trustee and investment advisor with Redway Advisory Services LLC, tells Granthshala.
cooper, who Wyatt Morgan welcomes son via surrogate In April 2020, he is the latest celebrity to announce that he will not be leaving his son as an inheritance.
“I don’t believe in paying large sums of money,” the CNN anchor revealed on Air Mail. The Morning Meeting Podcast At the end of September. “I’m not so interested in money, but I don’t want to have any sort of pot of gold for my son. I’ll go with my parents’ point…’ will be paid for college, and then you Got it started. “
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Cooper, who has an estimated net worth of $200 million, following in the same financial footsteps as its late mother Gloria Vanderbilt, who “clarified to me that there is no trust fund,” Cooper told howard stern in 2014.
“I think it’s a curse … Ever since I was growing up, if I felt a pot of gold waiting for me, I don’t know if I would have been so inspired.”
As a trustee and investment advisor, Redway says that many of his clients want to provide a safety net for their children without “depending on the money left in the trust.”
Do trust funds do more harm than good?
“It’s not that their child is going to be a billionaire, or a millionaire, or a middle-class person, they just don’t want to give away so much money that will kill their child’s desire to contribute something to this world,” she says. Huh. .
When you think of trust-fund babies, names like Paris Hilton, rob kardashian And Lisa Marie Presley Come to mind. The term is usually associated with individuals who are dependent on their family’s money without needing to work in a significant way.
Some stars claim that leaving their children with more money may limit their desire to forge their own path. “Giving children a silver spoon is terrible. It ruins their lives,” Elton John Said Mirror in 2016.
“If you leave hundreds and millions of dollars for a child, there’s a potential (they won’t) have a work ethic and will be sitting around living by the money,” Rowley says. “It’s not healthy. Most people need to work out to feel fulfilled in life.”
But Rowley says it is ultimately up to individuals “how they want to use their money,” adding that it isn’t always cut and dried.
From wanting their kids to grow up to be self-sufficient to donating their wealth to charity, these are the celebrities who are turning their backs on generational wealth.
estimated net worth: $200 million
In 2018, Kutcher said he was not leaving the trust fund for his two children with wife Mila Kunis — daughter Wyatt, 7, and son Dimitri, 4 — in the hope that they would make a living and “whatever they have.” Something was, or will be inspired by, a version of what they had.”
“My kids are living a really privileged life, and they don’t even know it. And they’ll never know it because it’s the only one they’ll know,” Kutcher said on Dax Shepard chair expert podcast. “We’ll finish donate your money“
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estimated net worth: $500 million
In 2016, John said he plans to leave his two sons with husband David Furnish — Zachary, 10, and Elijah, 8 — for a small amount, but “anything beyond the basics, they’ll have to move out.” And it has to be earned itself.”
“Of course I want to leave my boys in a very good financial position. But giving kids a silver spoon is terrible,” he said. Mirror. John, who grew up in a “very working-class family”, said he “got everything[that he]earned through hard work” and that he expects it from his children as well.
estimated net worth: $400 million
Chan, who was named one of Forbes 10 Top-Paid Actors Last year, he said he would donate his entire fortune to charity, leaving nothing for his 38-year-old son Jesse Chan.
“If he’s able, he can make his own money,” Chan said during an awards ceremony in Beijing, China in 2011. If he’s not, he’d just be wasting my money.
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estimated net worth: $600 million
In 2013, the producer of “X Factor” And “America’s Got Talent” He said he also plans to donate his wealth to charity instead, to 7-year-old son Eric Cowell, whom he shares with partner Lauren Silverman.
“I’m going to leave my money for someone. A charity, maybe — kids and dogs,” Cowell recounted. Mirror UK in 2013. “I don’t believe in passing from one generation to the next.”
estimated net worth: $20 million
In 2020, the singer and actress announced on “The View” that she “is not leaving any money for (her) children.” Instead, she said, “I’m going to give my donation to my charity.”
“Congratulations, kids. My husband and I decided that you do your kids a great loss just to hand over a fortune because you take away the single most important gift you can give to your kids, and that’s work. Ability.”
Osmond is the mother of eight children from two different marriages.
She shares Jessica, 33, Rachel, 32, Brandon, 24, Brianna, 23, Matthew, 22, and Abigail, 19, with ex-husband Brian Blosil. The pair also share son Michael, who died in 2010 at the age of 18.
Osmond shares son Stephen, 38, with her current husband, Steve Craig.
“You see it a lot in wealthy families, where kids don’t know what to do, so they get into trouble, so I let them be proud of what I’ve made of them,” Osmond said.
estimated net worth: $400 million
In 2014, the police frontman said he raised his six children “to have a work ethic that seeks to make them successful on their own merits.”
“I certainly don’t want to give up on trust funds that have albatrosses around their necks,” he said. daily mail. “They have to work. All my kids know this and they rarely ask me for anything, which I really respect and appreciate.”
Sting has two children with ex-wife Frances Tomelti — Joseph, 44, and Fuchsia Catherine, 39 — and four children with current wife Trudy Styler: Mickey, 37, Jake, 36, Eliot, 31, and Giacomo, 25.
He added, “People make assumptions that they were born with a silver spoon in their mouth, but not much has been given to them.”
estimated net worth: $400 million
in 2007, kiss frontman Said that his two children with wife Shannon Lee Tweed – 32-year-old Nick and 29-year-old Sophie – will “never get rich” with their money.
“There’s going to be an annual allowance to take care of their rent and their food, but if you want the money, you have to do that yourself,” he said during an episode of his reality show. “Jean Simmons Family Jewels.”
He continued, “I don’t want them to say, ‘Thank you, Dad, for making me rich.’ No, you want to stand on your own feet and say, ‘I did it.’ “