These tycoons believe so and have publicly declared they will not leave their fortunes to their kids.
1. Warren Buffett – billionaire investor: “I want to give my kids just enough so that they would feel they could do anything, but not so much that they would feel like doing nothing.”
2. Michael Bloomberg – New York City mayor and billionaire: “nearly all my net worth will be given away in the years ahead.”
3. Gene Simmons – rock star: “(my kids) 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.”
4. Gina Rinehart – mining billionaire: court documents show that she doesn’t believe her four children are fit to manage the family trust, claiming they do not possess the necessary capacity, skill, knowledge, experience, judgement or responsibly work ethic.
5. Bill Gates – Microsoft founder: “I knew I didn’t think it would be a good idea to give the money to my kids. That wouldn’t be good either for my kids or for society.”
6. Nigella Lawson – celebrity chef: “I am determined that my children should have no financial security. It ruins people not having to earn money.”
While it’s unlikely that we will have billions to worry about giving away, good estate planning practice takes this question into account.
Do you want to leave everything you own to your children and/or grandchildren?
Would you be concerned if they received their inheritance at a young age?
Are you concerned that your children and/or grandchildren may not manage inherited money well?
A good estate plan can take into account these questions and impose limits if you have concerns, such as age requirements.
If you’d like to discuss this further with a specialist in estate planning, don’t hesitate to contact us today!