Eight rich people whose kids won't inherit their fortunes

Money On Hook

Wouldn't that suck!

Sir Elton John isn't the only wealthy parent who won't leave his fortune to his children.

Sir Elton John and David Furnish have insisted that sons, Zachary and Elijah, must stand on their own two feet - so they won’t give them Elton's estimated £200m fortune.

The reasons for the decisions often include avoiding creating so-called trust fund kids, with an emphasis on making sure children know the importance of hard work and are able to make their own life choices. Back in 2014, Wired termed this the "anti-Paris Hilton approach”.

Wealthy families are also driven by the infamous "shirtsleeves to shirtsleeves in three generations" adage, which holds that the first generation earns the wealth, the second spends it and the third squanders the rest.

But Elton isn’t the only one. Other notable parents have decide their children's pockets won't bulge with inheritance.

1. Warren Buffett

Buffett's three children will each have a $2bn (£1.4bn) foundation, which is likely to come with restrictions on releasing funds. His infamous position on inheritance is: "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing."

2. Bill Gates

Each of Bill and Melinda Gates' three children are reported to be lined up to get $10m, as well as an "unbelievable" education and health care, while much of the family's wealth will go to philanthropic causes. Speaking at a TED conference in Vancouver in 2014, though, Gates cited Buffet's stance as an influence on his own point of view.

3. Sting

Most of Sting’s $300m won't end up with his six adult children. In June 2014 he told the Daily Mail "I certainly don't want to leave them trust funds that are albatrosses round their necks... they have to work"

4. Nigella Lawson

In relation to her decision not to pass on the majority of her wealth, Lawson said that not having to earn money ruins people. While she has said her children will not be left destitute, they will have to support themselves after school has ended.

5. Pierre Omidyar

The billionaire eBay founder has sought to donate the majority of his money to the less fortunate, rather than gifting it all to his children. He continuously gives eBay shares over to his philanthropic investment firm, the Omidyar Network.

6. Michael Bloomberg

Having once said "the best financial planning ends with bouncing the cheque to the undertaker", it is unlikely the former mayor of New York’s two daughters will receive much of his billions. Indeed, if that line is to be believed, they may have to foot the bill for his funeral...

7. Andrew Lloyd Webber

Webber has previously argued a will shouldn't be about "having a whole load of rich children and grandchildren. I think it should be used as a way to encourage the arts”. While his children will be taken care of, the majority of his estate will go towards arts programmes, he has said.

8. George Lucas

Another wealthy individual who has signed on to Bill Gates' Giving Pledge, Lucas has promised to give away at least half of his wealth with a focus on improving education.

Full story: Eight rich people whose kids won't inherit their fortunes: City A.M.

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