An inheritance is best described as the passing down of one’s property or money from one generation to another. Inheritance could be looked at as a way to ensure one’s family is taken care of while others may view it as a way for the rich to become richer. Is inheritance and or trust funds the cause of American’s entitled youth of today? A lot of wealthy celebrities seem to believe so and have opted out of leaving their children a large inheritance despite themselves being worth hundreds of millions. Many have cited reasons of not wanting their children to grow up as entitled adults that do not know what it’s like to have to work. Some decided to not leave anything to their children for spiteful reasons. Whatever the reason may be, the celebs below have decided to not leave their children their hard earned fortune when they are dead and gone.
Philip Seymour Hoffman
Charlie Wilson’s War actor, Philip Seymour Hoffman passed away unexpectedly this past February from drug intoxication. According to CNN, Hoffman was found on his bathroom floor with a syringe in his left arm. The medical examiner’s office stated that Hoffman had died of an acute mixed drug intoxication which included heroin, cocaine, benzodiazepines and amphetamine. Hoffman left behind his son Cooper, 10, and his two daughters, Tallulah, 7, and Willa, 5. The New York Daily News recently reported that Hoffman was continually advised by his accountant on setting up a trust fund for his children in case anything should ever happen to him. However, Hoffman repeatedly denied the request and instead opted to leave everything of his to his girlfriend and mother of his children, Marianne “Mimi” O’Donnell. Hoffman was adamant about not wanting his kids to be considered trust fund kids.
X Factor judge, Simon Cowell has spoken out on his thoughts of leaving an inheritance to children. Right before the birth of his son Eric in February of 2014, Cowell told the Mirror that he doesn’t believe of the passing of wealth from one generation to the next. He continued to tell the newspaper that he plans on leaving his fortune to a charity of some type, probably ones that help animals and children. Cowell stated that he believes a legacy “has to be that hopefully you gave enough people an opportunity, so that they could do well, and you gave them your time, taught them what you know.” The TV producer has a net worth of $425 million.
Rush Hour actor, Jackie Chan is another celebrity that has made it clear that he will not be leaving his fortune to his son, Jaycee. Chan made it public at an awards ceremony stating that he is already planning to give away half of his wealth to charity when he passes away. NewsAsia also has Chan quoted as stating in 2011 that “If my son is capable, he can make his own money. If he is not, then he will just be wasting my money.” This was after Chan stated that he had wished he had signed his son up for the army in order to temper his character.
Legendary singer, James Brown died in 2006 of congestive heart failure, leaving behind a $100 million fortune. However, according to Rolling Stone magazine, Brown had his will written up leaving almost all of his fortune to a trust to help educate underprivileged children in South Carolina and Georgia. His seven children and fourth wife were not very happy to learn of this news. The family contested the will almost a month after his death and fought bitterly over it for almost three years. In 2009 a settlement was finally reached, splitting Brown’s estate between the trust and his family.
Singer-songwriter, Sting, has recently become vocal about how he is not planning on leaving any of his six children with trust funds. Sting told MailOnline in an interview that he has been telling his kids that there won’t be much money left when he is gone because they are spending everything they have right now. He went on to explain that he has a lot of commitment and he currently carries 100 people on his payroll. The former Police singer further explained that all of his kids have a really good work ethic and that they rarely come to him for help which he can respect and appreciate.
Legendary actress, Joan Crawford famously left out her two adopted children from her will. The Oscar-winning actress starred in over 80 films during her lifetime and she was voted as one of the top 10 money making stars from 1932 to 1936. Later in life she was the director of Pepsi, as her fourth husband, Alfred Steele was the board chairman of the company, who passed away in 1959, leaving Crawford to take over. The poised actress had adopted four children, Christina, Christopher and two twin girls, Cindy and Cathy. However at the time of her death in 1976, Crawford’s will read that Christina and Christopher are not to be included in the will for reasons that are known to them. She left $77,000 each to Cindy and Cathy out of her $2 million estate. It was two years later that her daughter Christina published her book titled, Mommie Dearest, which accused Crawford of being an abusive, control freak of a mother that only cared for herself and her career.
Food Network star and food writer, Nigella Lawson created some controversy when she told My Weekly magazine that she will not be leaving any of her fortune to her children. She is quoted as stating how she is “determined that my children should have no financial security. It ruins people not having to earn money.”
It appears as if Lawson is being a bit over dramatic since she herself had a privileged up bringing being the daughter of the former Chancellor of the Exchequer, Nigel Lawson. Since the incident, Lawson has tried to smooth over her statement by stating that she will not be leaving her kids destitute and that they should be able to support themselves after college.
KISS bassist, Gene Simmons has recently boasted how he is part of the one-percenters in America and how his life in the elite club is fantastic. He told the San Diego Union Tribune that people need to try to be nicer to rich people since it is the rich people that are giving poor people jobs. A few years back Simmons told CNBC that when it comes to leaving an inheritance for his two children with Shannon Tweed, he will leave them a small amount, but he stated that his children will never be rich off of his money. Simmons is quoted as stating “Every day they should be forced to get up out of bed and go out and work and make their own way.”