Posted on 04/24/2015 5:16:03 PM PDT by SoFloFreeper
[Gene Simmons]
The bass guitarist for Kiss was raised by a single mother and has said in a television interview that his children will not get rich off his money. They will receive a small inheritance, Simmons says, but "every year they should be forced to get up out of bed and go out and work and make their own way." He has not decided what he'll do with his fortune, but he currently sponsors more than 140 African children through ChildFund.
The kids who “don’t inherit” often end up in control of the foundations, charitable trusts or other entities set up to avoid tax. They can draw hefty salaries and grant themselves generous expense accounts and other perks as they control their parents’ multi millions.
I would give the kids some money early on and show them how to make it grow. If too young then some will just blow the money like my 3 sisters did on various things like just having parties for 9 months before it was all gone or paying off all their bills then running up the bills again.
(I still have mine in stock). I know when I retire I will be comfortable.
My cousins came into millions when their dad died but they could not touch it because their uncles and a partner blocked them from selling the family company but about 11 years later the older relatives and partner sold their stake and immediately the cousins sold the business. 300 people out of work. The company that bought wanted the routes and did not need most of the people or the buildings.
The old saying that the 1st generation builds the business and the 2nd maintains it and maybe expands it a bit and then the 3rd generation blows it. Well these cousins were the 3rd generation.
Gene Simmons is 65. If he lives to be 90 then his kids would be 45 and 49 and should have learned by then how to handle money. Why throw it away to some strangers who may do a 180 on how you want it spent. Instead of helping others they could end up enriching themselves or some socialist causes. Walmart, Rockefellers, Ford foundation as examples. The Gates & Buffet use their money in a tax dodge and buying democrat politicians.
The Vanderbilt family money is mostly gone.
http://www.earlytorise.com/how-the-worlds-richest-family-went-broke/
Within just 30 years of the death of the Commodore no member of the Vanderbilt family was among the richest in the US. And 48 years after his death, one of his grandchildren is said to have died penniless.
In less than a single generation the surviving Vanderbilts had spent the majority of their family wealth! And the wealth was virtually gone within four generations.
Why rich families are losing money
http://money.cnn.com/2014/06/25/luxury/family-wealth/
#17 “140 African kids sponsored?
More likely the various kids he had with the groupies when KISS toured Africa.... : )
I like Gene Simmons.
[[140 African kids sponsored? Very nice, Gene. I did not know.]]
For what? $20 a month per child? This is the usual amount these charities ask for- of course he could be giving ore, who knows-
saw an interview with him and he was real upset with out current _resident- I don’t know if Gene is liberal or not, but he sounded fairly conservative to me I n the interview- at in that one he did
That's because IRA's are tax deferred.
When the income comes in, the income tax, that would have been paid, is deferred until the money is withdrawn. At which time the money is taxed.
So, upon death, the money is withdrawn and deferred taxes are now due.
You think he has 280 children of his own????????? Wow!
He does admit to having slept with 4,000 women and that it is probably a conservative estimate.
I’m speechless!!! Jonty that’s a feat, not too much can make me stop talking!!!! hahahahahaha
Gene is an interesting guy.
There are aspects of him and Trump that I enjoy listening to.
I wish he’d give new instruments-especially grands-to schools and poorer colleges.
Hubby’s dad was the last to go of our parents so at 62, after 3 years of litigation because hubby’s sis sale dads money, he received a chunk of money. We were already doing quite well by then and it has made 0 difference in our life.
Thanks, and I understand that IRAs, etc are tax deferred and that is why those in Congress don’t worry about the “death tax” on average Americans. It is because they forget in their quest to appease a select few that many of those with the most wealth got rich only because taxpayers subsidized their wealth. It is called crony capitalism and it has infected our economic culture.
Goldman and JP Morgan would be bankrupt if not for taxpayer bailouts. Farmers have for years been handed taxpayer money. The owners of most of the professional sports teams would have much less of an estate had not taxpayers been assessed to build their stadiums. Wal-Mart gets special taxpayer handouts to build warehouses for Chinese stuff.
If there should be no death tax for a few, then there should be none for the many that were forced to subsidize those few.
The day when many of the richest in America got rich on their own without major help from taxpayers was over some time ago.
the title of one of PJ O roaks books...but the best and funniest of his books go way back.....Parliament of Whores...about congress...laugh myself silly through that book...
his mother lived in a concentration camp, she is a survivor and Gene’s love for her is great....don’t know if he was with her in camp...
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