Skip to comments.Sting says he won't leave his kids a big inheritance
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.
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ya, they will be dirt poor.. Just like Hillary.
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...
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.
Must have had a lousy father’s day this year.
Please. 10 million each, minimum, would be my guess. Sting just thinks that’s not much, and compared to 300 million, he’s right.
Does he know who they are?
Yeah, he may leave them just 10 or 12 million of the $300 million, not a big inheritance like $150 million.
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.
That doesn’t mean that Sting isn’t an @$$#0l3.
His main home/headquarters in in NYC.
He’s an Englishman in New York.
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.)
Define “not big”...
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.
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.
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.
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.