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Why Sting Won't Leave behind an Inheritance for His Children

Daryll Pomey Orat - Sunday, June 01, 2014

Rock musician Sting recently ruffled quite a few feathers, when he announced that he and his wife did not intend to leave behind their millions to their children after their passing. Sting, who is worth approximately $300 million, said in an interview that he had told his children that they were not getting any of that money.

That kind of thinking is not exactly new. For instance, Bill Gates is currently busy funneling most of his wealth into his philanthropic activities around the world, and has made it clear that his children will be left with just the most basic inheritance. However, when you are Bill Gates and worth billions, even a basic inheritance is likely to be a substantial one.

Such thinking is likely to be very popular among those who have made their wealth the old-fashioned way-through hard work and ambition. People like Sting are are much more likely to believe that the best gift that they could leave behind for their children is telling them that they believe their children will be able to make their wealth on their own, without an inheritance backing them up.

When Americans decide against leaving their children an inheritance, at the back of their mind is the fear that that money will kill any ambition in their children, and cause them to slack. An inheritance can be a major albatross around the neck, as Sting said recently. Estate planning history is replete with examples of large inheritances that have simply been squandered away, lost, or caused decay in generations as heirs simply lived off their inheritance, and did nothing productive at all.

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