Topic: Sting and his inheritance
started by: Malcolm
Posted by Malcolm on Jun. 23 2014,10:25
< Not going to his kids >.
Posted by GORDON on Jun. 23 2014,11:56
What a dick.
Posted by Malcolm on Jun. 23 2014,12:21
I don't find much dickish about it. His cash. He can leave it or spend it as he sees fit.
Posted by GORDON on Jun. 23 2014,12:32
I would never fuck over my kid like that. One minor but significant string of bad luck and he'd be destitute no matter how well I raised him. Sting managed to grab the brass ring, and he is shitting on his kids because he wants them to make their own way and not live the easy life. The one who gets in the car accident the year after his Dad dies, and is quadraplegic, and never had a chance to build a nest egg, wont be thanking his father for leaving him nothing but a good work ethic.
Posted by Malcolm on Jun. 23 2014,12:37
I'm sure they'll all get a decent jar of change. He's simply not giving them $50M each.
Posted by TPRJones on Jun. 23 2014,12:48
Were I in his place I would make that same announcement. Then behind the scenes I'd set up secret trust funds that would pay out when 1) the kid is left homeless or has catastrophic trauma, 2) the kid has earned $5 million of his own dollars, or 3) the kid reaches the age of 50. If none of those conditions are met, the money goes to a list of charities.
Posted by Malcolm on Jun. 23 2014,12:49
I'm not sure how you could keep the existence from the benefactors if you're dead and they are. Someone would have to hold onto it in your stead and execute your will.
Posted by TPRJones on Jun. 23 2014,12:52
That's almost literally the definition of a trust fund, Malcolm. 
Posted by Malcolm on Jun. 23 2014,12:58
(TPRJones @ Jun. 23 2014,14:52)
QUOTE
That's almost literally the definition of a trust fund, Malcolm.
I've zero firsthand experience with those things.
Posted by Cakedaddy on Jun. 23 2014,13:03
Well, if he's spending it all. . . My parents often say how they plan to spend all their money too. They don't have 288 million. But still. I don't expect them to work and save just so they can die and give it to me. Plus, if there's nothing left, there's nothing for the kids to fight over. He will probably spend it all on replanting the rain forest. It's not like he's saying "I'm leaving it to my neighbor instead of my kids".
Posted by TPRJones on Jun. 23 2014,13:13
(Malcolm @ Jun. 23 2014,14:58)
QUOTE
I've zero firsthand experience with those things.
Think something like Brewster's Millions, except it's all set up well before death and so not in the will at all. That's a trust fund. And in this case a secret.
Posted by GORDON on Jun. 23 2014,13:16
Yeah but relatives can all get together and change any last will and testament, if they so desired. My wife's grandfather died with millions, and the family didn't like how he wanted it distributed, so they got lawyers to rewrite it after he died.
Posted by TPRJones on Jun. 23 2014,13:30
The advantage of a trust fund is that that doesn't work. All the money is already gone and no longer the legal property of the deceased. They can sue all they want, but you can't pour anything out of an empty bucket.
Posted by TheCatt on Jun. 23 2014,13:37
I plan to leave a few million dollars to my kids, give or take. Obviously there is a lot of life between now and then, plans change, etc... but we'll see how it works out.My retirement goal is to have enough $ saved up that I don't ever have to dip into principal. That $ would then go to future generations. My second goal is to live long enough that they have to earn their livings in the meantime.
Posted by Leisher on Jun. 23 2014,19:37
I agree that this might be a stunt to get them to bust their asses.The Hiltons should take notes.
Posted by thibodeaux on Jun. 24 2014,03:34
I want my last dollar to pay for the guy who covers the grave with dirt. You can't take it with you; might as well enjoy it now.
Posted by TheCatt on Jun. 25 2014,05:29
< Most people squander inherited wealth >QUOTE
Rags to riches is a familiar narrative, but when it comes to preserving family fortunes, more often it's rags to riches to rags.
Nearly 60% of the time a family's money is exhausted by the children of the person who created the wealth, according to Roy Williams, president of wealth consultancy The Williams Group. In 90% of the cases it's gone by the time the grandchildren die.
...
"The people who created the wealth were often obsessive," said Russ Prince, president of the wealth research and consulting firm Prince and Associates. "But their kids were not hungry."
Nearly 60% of the time a family's money is exhausted by the children of the person who created the wealth, according to Roy Williams, president of wealth consultancy The Williams Group. In 90% of the cases it's gone by the time the grandchildren die.
...
"The people who created the wealth were often obsessive," said Russ Prince, president of the wealth research and consulting firm Prince and Associates. "But their kids were not hungry."
Yeah, I sometimes think we should strive to make our children "hungrier"
Posted by Leisher on Jun. 25 2014,06:37
This is probably Sting's point.