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

Today ^ | 6/23/14 | Vidya Rao

[SoFloFreeper]

The Police frontman, reportedly worth about $300 million, says he won’t be leaving his three sons and three daughters a big inheritance.

[SoFloFreeper]

Hmmm.

[cableguymn]

ya, they will be dirt poor.. Just like Hillary.

[Joe 6-pack]

If he leaves his kids nothing to lose, the one that’s willing to dump the most dirt is going to get the biggest book deal...

[Opinionated Blowhard]

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.” And while he’d be willing to intervene if any of them were truly in trouble, he said that situation has yet to arise. “They have this work ethic that makes them want to succeed on their own merit. People make assumptions, that they were born with a silver spoon in their mouth, but they have not been given a lot.”

That sounds perfectly reasonable to me. It absolutely destroys kids if they don't have to work, or if they get the idea in their heads that they don't have to support themselves.

[JudyinCanada]

Must have had a lousy father’s day this year.

[Wolfie]

Please. 10 million each, minimum, would be my guess. Sting just thinks that’s not much, and compared to 300 million, he’s right.

[Gene Eric]

Does he know who they are?

[Right Brother]

Yeah, he may leave them just 10 or 12 million of the $300 million, not a big inheritance like $150 million.

[livius]

I believe he lives in England, doesn’t he? It’s impossible for anybody to leave much of anything to their children there. Death taxes are confiscatory.

[P-Marlowe]

That doesn’t mean that Sting isn’t an @$$#0l3.

[defconw]

I looked it up. All of his kids are adults. Perhaps he has used this as motivation for them to be self made. I see nothing wrong with it frankly. If they all do well and stay out of trouble he might surprise them someday.

[CaptainK]

His main home/headquarters in in NYC.

[informavoracious]

Daddie Dearest

[dfwgator]

He’s an Englishman in New York.

[only1percent]

Too bad for society, really — we’d far better off with his fortune being converted by his grandchildren into crashed Maseratis and cocaine, than being donated to the sort of left-wing causes it will now go to.

I shudder to think of the damage that Bill Gates AND Warren Buffett’s fortunes are going to do once the Gates Foundation is captured by the standard left wing brigade. (Its current causes are a mix of innocuous and terrible.)

[fidelis]

Define “not big”...

[RegulatorCountry]

I’ve got mixed emotions on this sort of thing. I’ve known enough trust fundies to realize that great inherited wealth with no strings attached can be destructive to the heir. He’s certainly entitled to will his estate be dispensed in the manner that he sees fit. However, the intergenerational transfer of wealth is the means by which all future generations benefit and get ahead of those who went before. It should by rights be passed on. The left has been at war with it and attempting to confiscate it for as long as I’ve been on this planet.

[Resolute Conservative]

He will probably endow several charities that promote deviant lifestyles or some alien watch group. I agree that giving unearned wealth to children can be problematic it is better than giving it to people/entities have also did not earn it and have no care whether you live or die outside getting their endowment.

[hecticskeptic]

I looked it up. All of his kids are adults. Perhaps he has used this as motivation for them to be self made. I see nothing wrong with it frankly. If they all do well and stay out of trouble he might surprise them someday.

I'm sure that I would disagree with Sting on most matters but on this one I agree with him. However, it does leave open the problem of what he will do with his money as many here have noted....with large sums, it is typical that left minded directors get in control of their foundations. With our children, I've tried to invest in something that they are interested in and work them into it so that they have a career of their choosing.... essentially seeding something of value. Beyond that, our children should not be expecting anything and anything that is left will be targeted to do God's work.

[defconw]

I agree, I would hate for all that money going to lefty causes. However, it's his money and he can do what he wants with it. Maybe he'll set up the grand kids.