Sting says he won't leave his kids a big inheritance

Today ^ | 6/23/14 | Vidya Rao

[Axenolith]

Properly set up, a trust for heirs, or the family in general, should reward work towards growing the fund. I.e. a beneficiary starts off with a base small payment and grows into heavier benefits by contributing assets or asset enhancing labor to it.

[tanknetter]

$300 million across six kids (assuming an equal breakout) works out to $50 million each.

Before estate taxes and such. As bad as they are here in the US I think they’re much worse in the UK. So his kids might be looking at well less than a half, with the biggest inheritor of his wealth being the state.

[Cementjungle]

Years ago when I lived in L.A. I did some volunteer web/database work for a family friend who has an organization in Africa which supports women. As part of that work, I had to attend several meetings at the Hilton Foundation HQ in Santa Monica. One time I was there early, and was told that I could go into the break room and get myself some coffee. I went in and there was a man (in his late 20's or so) mopping the floor. I said I was here for a meeting with the IT guy and was just getting myself some coffee. He said "Hi, I'm the IT guy.. nice to meet you... my name is Conrad Hilton III".

I was kind of impressed with that.

On the other hand, my accountant is familiar with the Bill Gates family... and I was once discussing the Gates' approach to wealth with regard to his kids. He said don't let their public comments fool you... the kids are already set up for life with future (very highly compensated) positions with the Gates Foundation. They will be very wealthy through that alone.

[Chuzzlewit]

yep... reminds me of Buffet and Gates saying they will give away 95% of their wealth.. still leaves Buffet with half a billion, I would think.. or if he’s got 20 mil...

don’t get me wrong, I think it’s great to give away the money... just don’t tell me you will be left dirt poor, worrying about paying the mortgage.

[Arthur McGowan]

Zillionaires make their money by making things that benefit society.

Then they say it’s time to “give back,” and start spending millions to kill babies.

[CaptainK]

He’s a legal alien.

[riverdawg]

” ... the intergenerational transfer of wealth is the means by which all future generations benefit and get ahead of those who went before.”

Maybe Sting recalls the universal proverb that it takes approximately three generations for most family fortunes to be completely dissipated.

[CatherineofAragon]

He’ll leave all his money to environmental wackos.

[Textide]

“Give your kids enough to do something, but not enough to do nothing.” - quote from The Descendants film

[TangoLimaSierra]

Dear Sting,

I am in no way related to you and already not worth a crap. Pls Freepmail me.

Thanks,

TLS