Posted on 06/23/2014 5:57:22 AM PDT by SoFloFreeper
The Police frontman, reportedly worth about $300 million, says he wont be leaving his three sons and three daughters a big inheritance.
(Excerpt) Read more at m.today.com ...
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.
$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.
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.
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.
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.
He’s a legal alien.
Maybe Sting recalls the universal proverb that it takes approximately three generations for most family fortunes to be completely dissipated.
He’ll leave all his money to environmental wackos.
“Give your kids enough to do something, but not enough to do nothing.” - quote from The Descendants film
I am in no way related to you and already not worth a crap. Pls Freepmail me.
Thanks,
TLS
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