Although there have been celebrity children who have benefitted by inheriting a large sum of money from their parents, or were set up with trust funds, there are others, like Mila Kunis and Ashton Kutcher, who feel that their money is better spent on charity. They do not intend to set their kids up with trusts—although if their kids have a good business plan, that’s another thing. Musician Sting feels a trust fund would be to his children’s detriment.
Wealth Advisor’s recent article, “10 Celebs Who Set Their Children Up With A Trust Fund (And 10 Who Refuse),” list some stars who want to leave their children with trusts, and a some who want them to work hard for what they achieve in life.
When Carrie Fisher died, she named her only child Billie Lourd as the sole beneficiary of her estate. This left her with personal and household objects, a life insurance policy, her mother’s intellectual property rights, a Tesla S and more.
Michael Jackson’s three children, Prince, Paris, and Blanket are already millionaires, who benefited from his success and fortune. Each child is reported to get millions of dollars a year but are expected to receive their father’s full fortune when they turn 40.
When David Bowie died, he left half of his $100 million fortune to his widow Iman and split the other half evenly between his two children. His son Duncan is believed to have received his inheritance straight away, but Alexandria will have to wait until she turns 25 to inherit her money.
On the flip side, George Lucas doesn’t intend to turn his four children into trust fund babies. He’s signed The Giving Pledge, stating that he’ll donate his wealth to those in need, to do some good in the world.
Ashton Kutcher and Mila Kunis are parents to two children, but they won’t to set them up with trust funds. Instead, they’ll have to work for what they want. Jackie Chan wants his son, Jaycee, to make his own way in the world. Jackie has been quoted as saying that when it comes to money, his son must be capable of earning it for himself. “If he is capable, he can make his own money. If he is not, then he will just be wasting my money,” he said.
One of the main goals of our law practice is to help families like your plan for safe, problem free, and successful transfer of assets to the next generation. Call our office today to schedule a time for us to review your estate plan and identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: Wealth Advisor (December 3, 2019) “10 Celebs Who Set Their Children Up With A Trust Fund (And 10 Who Refuse)”