Posted on 12/27/2007 10:29:43 AM PST by Anti-Bubba182
Time to tighten the belt, Paris.
Hotel magnate Barron Hilton announced yesterday that he's leaving 97% of his wealth to charity, dramatically cutting the fortune his children and grandkids will get.
That means granddaughter Paris Hilton, who once stood to inherit $100 million or more by some accounts, could end up with a measly $5 million or so.
"The whole family will be devastated, particularly [Paris' mom] Kathy," a pal of the clan told the Daily News last night.
"Some of them could be likely to contest the will - it'll be in the courts longer than Anna Nicole Smith versus J. Howard Marshall."
Barron Hilton is worth an estimated $2.3 billion, including the $1.2 billion he made from the sale of the Hilton Hotels and Harrah's casino chains......"
(Excerpt) Read more at nydailynews.com ...
Remember, Paris continues to get a cut of each video of her having sex with her boyfriend. SO she’ll be fine for a while. But as to her lost inheritance becuase of her behavior: Hahahaha!
Reminds me of Dylan’s “Like a Rolling Stone”
Note that Beyonce Knowles is about the same age as Paris. The difference between the two is enormous.
Maybe they will try to have him declared incompetent to make such a decision?
She’ll burn through $5 Mil in a few days!
LOL....exactly what I was thinking.
I’m a supporter of charitable giving, but I cannot ever see a circumstance where I would give all my holdings to charity vs family.
I’ve been somewhat estranged from part of my family, but I still love them.
What a slap in the face it would be, to completely ignore them. I couldn’t, and wouldn’t do it.
Evidently the Baron didn’t like it when Pappy tried the same thing. You’d think he would have learned from the experience.
So giving the money to Paris to blow (pun intended) would be better than giving it to charities?
Is this really what you are saying?
And amazingly some here will pity her!
which is why Warren Buffet opposes the end of the estate tax. He sells the insurance.
Yes, that is the only question. Better it be burned.
I'm sure she won't either, especially since there aren't any Waffle Houses in Nevada. Plenty of ho' houses, though.
I really don’t care.
________
LOL. Your coming here, reading the article and bothering to post suggests otherwise. Come on out of the closet and admit that, like the rest of us, there is a bit of the celebvoyeur in you.
I'm an Estate Planning attorney. The maximum Estate Tax rate is now 45%, meaning that the family would get to keep 55% of more than 2 billion, with no Estate Planning at all - if the old man was so inclined. That's well over $1 billion, still quite a lot of money. Unless you have a rate near 100%, simply giving it away isn't good planning.
Evidently he's not so inclined, and in fact he seems to be disgusted with his family's behavior. I guess that I would be, also. Maybe he is hoping that the family realizes that it will have to actually WORK to support a decent lifestyle, and working steady for high pay means (generally) being mature and responsible, and that the behavior will change.
Maybe he's also trying to find out who really loves HIM and who loves his checkbook and brokerage account. For an entertaining look at that strategy, see the movie "Greedy" with Kirk Douglas that came out in 1994.
Many wills have clauses which state that anyone who contests the will automatically forfeits their original bequest.
Many states also have court decisions that negate these clauses. The reasoning is that they are too harsh, and therefor contrary to public policy. Result: the clause is read out of the Will as if it wasn't ever there in the first place, and the rest stays...leaving heirs free to challenge the Will. My Wills all have clauses that make any challenger pay all of the legal fees that the Estate pays out of their inheritance/award, first as a way of discouraging such suits, and second as a way of not punishing those who didn't sue (because otherwise the fees would come partially out of their pockets).
The man should just give it away now, enjoy the feeling of the magnanimous gift and ensure that goes where he wants. That way it’s not left up to the lawyers to usurp it by contesting the will.
He should just spend it all before he goes. You can’t contest what ain’t there.
One way is to spend it. Another is to set up a Charitable Remainder Trust, in which the Trust pays the Grantor (Barron, in this case) X% of the principal per year/quarter/month for the rest of his life. After he dies, whatever is in the Trust goes to named charities. END OF STORY, if Barron puts substantially all of his assets into the Trust.
This one of the best known super rich scams. It’s called estate planning. A former boss of mine did it. It is designed to avoid paying huge inheritance taxes on transfer of ownership of the corporation.
I read that post-very interesting, and yes, very common among the very wealthy. This assumes that Barron Hilton actually wants to reward his heirs - maybe he's totally disgusted by them, etc., as mentioned above. But COULD this be the objective? Yup.
I didn’t read the article,haha...just read the title. My comment is based on how I view the common culture of modern media.
B——,get a JOB!
Paris Hilton is worth millions, she doesn’t need the inheritance...but that doesn’t make for a good ‘karma’s a bitch’ story.
I think she’s a very wealthy Skank, personally, but the article is suggesting something (belt tightening) thats laughable.
She made more money last year off of her various business ventures than just about anyone that even ‘lurks’ in this forum, let alone posts in it. Bet on it, its fact.
Buffett thinks nobody should be made rich because of who they were born to. So he has also placed about a billion into each of three trusts to be run by his children. There they can enjoy the fruits of daddy’s labor by drawing a healthy administrator fee while free from the worry about inheriting so much loot.
I think you misspelled "puss..."
None of them will get a dime. The lawyers will get it all.
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