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Sting says he won't leave his kids a big inheritance
Today ^ | 6/23/14 | Vidya Rao

Posted on 06/23/2014 5:57:22 AM PDT by SoFloFreeper

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

(Excerpt) Read more at m.today.com ...


TOPICS: Culture/Society; News/Current Events
KEYWORDS: celebrity; money
Hmmm.
1 posted on 06/23/2014 5:57:22 AM PDT by SoFloFreeper
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To: SoFloFreeper

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


2 posted on 06/23/2014 5:58:08 AM PDT by cableguymn (It's time for a second political party.)
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To: SoFloFreeper

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...


3 posted on 06/23/2014 6:01:19 AM PDT by Joe 6-pack (Qui me amat, amat et canem meum.)
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To: SoFloFreeper
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.

4 posted on 06/23/2014 6:06:36 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: SoFloFreeper

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


5 posted on 06/23/2014 6:06:51 AM PDT by JudyinCanada
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To: SoFloFreeper

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


6 posted on 06/23/2014 6:07:50 AM PDT by Wolfie
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Does he know who they are?


7 posted on 06/23/2014 6:08:41 AM PDT by Gene Eric (Don't be a statist!)
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To: cableguymn

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


8 posted on 06/23/2014 6:09:41 AM PDT by Right Brother
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To: SoFloFreeper

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.


9 posted on 06/23/2014 6:09:46 AM PDT by livius
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To: livius

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


10 posted on 06/23/2014 6:12:19 AM PDT by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: SoFloFreeper
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.
11 posted on 06/23/2014 6:15:55 AM PDT by defconw (LUTFA!)
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To: livius

His main home/headquarters in in NYC.


12 posted on 06/23/2014 6:19:10 AM PDT by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: SoFloFreeper

Daddie Dearest


13 posted on 06/23/2014 6:19:50 AM PDT by informavoracious (Open your eyes, people!)
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To: CaptainK

He’s an Englishman in New York.


14 posted on 06/23/2014 6:20:13 AM PDT by dfwgator
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To: SoFloFreeper

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.)


15 posted on 06/23/2014 6:23:53 AM PDT by only1percent
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To: SoFloFreeper

Define “not big”...


16 posted on 06/23/2014 6:31:07 AM PDT by fidelis (Zonie and USAF Cold Warrior)
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To: SoFloFreeper

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.


17 posted on 06/23/2014 6:37:15 AM PDT by RegulatorCountry
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To: RegulatorCountry

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.


18 posted on 06/23/2014 7:16:16 AM PDT by Resolute Conservative
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To: 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.

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.

19 posted on 06/23/2014 7:19:29 AM PDT by hecticskeptic
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To: hecticskeptic
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.
20 posted on 06/23/2014 7:27:29 AM PDT by defconw (LUTFA!)
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To: RegulatorCountry

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.


21 posted on 06/23/2014 7:38:20 AM PDT by Axenolith (Government blows, and that which governs least, blows least...)
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To: Right Brother

$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.


22 posted on 06/23/2014 7:43:12 AM PDT by tanknetter
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To: SoFloFreeper
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.

23 posted on 06/23/2014 7:44:47 AM PDT by Cementjungle
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To: fidelis

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.


24 posted on 06/23/2014 7:50:34 AM PDT by Chuzzlewit
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To: only1percent

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.


25 posted on 06/23/2014 7:53:36 AM PDT by Arthur McGowan
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To: dfwgator

He’s a legal alien.


26 posted on 06/23/2014 8:00:21 AM PDT by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: RegulatorCountry
” ... 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.

27 posted on 06/23/2014 8:01:31 AM PDT by riverdawg
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To: SoFloFreeper

He’ll leave all his money to environmental wackos.


28 posted on 06/23/2014 8:01:41 AM PDT by CatherineofAragon ((Support Christian white males---the architects of the jewel known as Western Civilization).)
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To: defconw

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


29 posted on 06/23/2014 8:06:29 AM PDT by Textide
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To: SoFloFreeper
Dear Sting,

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

Thanks,

TLS

30 posted on 06/23/2014 8:30:29 AM PDT by TangoLimaSierra (To win the country back, we need to be as mean as the libs say we are.)
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