Mesa, AZ 85213
Phoenix, AZ 85004
Gunderson, Denton And Peterson Office Locations
View View Gunderson, Denton And Peterson Locations in a larger map
Planning for the Future with Gunderson Denton
What Legacy for Your Children
Many celebrity children are in the news because of their “socialite” status and spending their inheritance money on lavish parties, drugs and expensive apparel. Some even for ending up at drug and alcohol rehab. There are, however, some celebrities who have decided that their children will not receive an inheritance. Sting has been most notable in the last couple of weeks after announcing, in an interview, that his six children will not receive any of his $300 million. He is quoted as saying;
“I told them there won’t be much money left because we are spending it! We have a lot of commitments. What comes in, we spend, and there isn’t much left. I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate. Obviously, if they were in trouble I would help them, but I’ve never really had to do that. They have a work ethic that makes them want to succeed on their own merit.”
Sting is not alone in wanting his children to work for their successes. Celebrity chef Nigella Lawson has said “I am determined that my children should have no financial security. It ruins people not having to earn money.” KISS bassist, Gene Simmons, told CNBC, “…in terms of an inheritance and stuff, they’re gonna be taken care of, but they 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 money.” Jackie Chan explained his reason for not leaving son Jaycee any of his millions by saying, “If he is capable, he can make his own money. If he is not, then he will just be wasting my money.”
Over 120 millionaires and billionaires have pledged to give at least half of their wealth to charity in “The Giving Pledge” started by Bill Gates and Warren Buffet. “The Giving Pledge” is a campaign encouraging a commitment to give to philanthropic causes. Bill Gates and Warren Buffet have also said that they will not be leaving their money outright to their children.
In contrast, Bernie Ecclestone, owner of Formula One racing management, put $3.5 billion in a trust for his two daughters, Petra and Tamara, to have free access to when they reached the age of majority. They have since spent the entirety of the funds in less than 10 years. Mr. Ecclestone was quoted as saying “The kids have had access to the money. The idea was that they’d buy super-quality property, property that would be long term, for their kids and everything else. Didn’t happen. They haven’t done that. So they’ve had access to money which they’ve spent.” How can one spend $3.5 billion in less than 10 years? A wedding for $12 million, a yacht for $150 million, a $1.5 million crystal bathtub, hundreds of thousands of dollars in shoe collections, handbag collections, expensive cars and homes ranging from $70 million to $90 million.
Now, is it bad to have an inheritance for your children? Of course not, but knowing how children will be allowed to spend the funds, at what age to give access to the trust and other framework regarding the use or distribution of the funds are important details to think about. These decisions need to be made before your death. If not, state intestacy laws or the courts will decide for you. How your money will be handled and administered after your lifetime must be decided and the necessary arrangements made to insure that your wishes are satisfied while you are living. Our experienced estate planning attorney can guide you in creating and documenting the legacy you want to leave behind.
40 N Central Ave #1400
Phoenix, AZ 85004
GDP Estate Planning Blog
Arizona Business Law
Arizona Business Lawyers
Link about our Arizona Business Lawyers.
Arizona Collections Law
Arizona Collections Lawyer
This link talks about our collection lawyers in Arizona.
Arizona Employment Law
Arizona Employment Lawyer
This link is about our employment lawyers in Arizona.
Arizona Estate Planning
Arizona Estate Planning Lawyer
This link is about our estate planning lawyers in Mesa Arizona.
- Mesa Estate Planning Attorney
This link talks about our estate planning lawyers in Mesa Arizona.
Arizona Franchise Law
Arizona Franchise Attorney
This link is about our Arizona Franchise Attorneys.
Arizona Immigration Law
Arizona Immigration Attorney
This link is about our immigration attorneys in Mesa Arizona.
- Arizona Visa Lawyer
This link is regarding our Arizona Visa Lawyers.
- EB-5 Immigration Visa
This page talks about EB-5 immigration visas.
- Investor Visa
This page talks about investor visas by our immigration lawyers in Mesa.
- Mesa Arizona Immigration Lawyer
This link is regarding our immigration attorneys in Mesa.
Arizona Litigation Matters
- Arizona litigation lawyers
This link is about our litigation lawyers in Mesa Arizona.
- Mesa Litigation Attorney
This link talks about out litigation lawyer in Mesa Arizona.
Arizona Probate Law
Arizona Probate Lawyers
This link is about our Arizona probate lawyers.
Arizona Real Estate Law
Arizona Real Estate Lawyers
This link is about our real estate lawyers in Mesa Arizona.
- Phoenix Real Estate Lawyer
This link is about our knowledgeable real estate attorneys in Phoenix, Arizona.
Mesa, AZ 85213