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Celebrities who say their children will get no inheritance”
US country singer Marie Osmond’s recent vow that her children will receive no inheritance has reignited a debate about so-called nepo babies.
Osmond, estimated net worth $20m (£16.28m), told a magazine her refusal to share her wealth was not malicious.
Rather, she said she wanted to make sure her children cultivate their own passions and find their own success.
Nepo (nepotism) babies are those who use their parents’ wealth and popularity to build their own careers.
“I don’t know anybody who becomes anything if they’re just handed money,” Osmond told Us Weekly magazine.The I’m Leaving It (All) Up To You singer is not the only one with an interesting take on celebrity parenting.
Other household names have also said they plan to opt out from passing down their fortunes. Though in some cases a lack of inheritance has not stopped their children from capitalising on their parents’ success.
Here is a list of some of those celebrities, and how a few of their children have fared:
Daniel Craig
British actor Daniel Craig has previously said he finds the idea of inheritance “distasteful”, and that his two children will not be getting his $125m fortune.
“My philosophy is to get rid of it or give it away before you go,” the James Bond star said in 2020.
But even without an inheritance, Craig’s oldest daughter, 31-year-old Ella, has already made a name for herself.
She is represented by Ford Models, one of the largest catwalk agencies in the world, and appeared on the cover of L’Officiel, a French fashion magazine, earlier this year. She has also followed in her father’s footsteps and tried her hand at acting, starring in a handful of plays with the theatre troupe Shakespeare & Company, as well as films.
Ella has spoken publicly about her interest in the family business, and has said she ultimately hopes to be respected “as a quality actress and do really good quality work”.
Gordon Ramsay
Despite being born to one of the most well-known chefs in the world, Gordon Ramsay’s five children do not often get to enjoy their father’s wealth.
His children rarely eat at his Michelin-starred restaurants, Ramsay said. They also do not sit with their parents in first class when they are flying on holiday.
“They haven’t worked anywhere near hard enough to afford that,” Ramsay, who is worth £63m, told the Telegraph in 2017.
He added he has no intention of leaving his money to his children should he die, saying that he wants to avoid spoiling them.Ramsay’s children so far appear to have carved their own paths. His oldest daughter, 24-year-old Megan, studied psychology in university, while his oldest son, 23-year-old Jack, has joined the Royal Marines.
His 21-year-old daughter, Matilda, however, has become a television personality just like her father. She presented her own cooking show, Matilda and the Ramsay Bunch, on CBBC, the children’s television channel, and has appeared on MasterChef Junior. She has also amassed more than one million followers on Instagram and another 10 million on TikTok, where she often shares videos of her father – some of which have gone viral.
Sting
British new wave rock legend Sting is one of the world’s most successful musicians, with an estimated net worth of $400m. But he says his children will be getting almost nothing when he is gone.
“What comes in we spend, and there isn’t much left,” the father-of-six told the Daily Mail in 2014, adding: “I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work.”
Of course, that hasn’t stopped Sting’s children from embarking on notable careers in show business. His daughter, Mickey Sumner, is an actress who appeared in Greta Gerwig’s 2012 movie Frances Ha, while two of his other children – Eliot and Joe – are musicians.
Sting has also brought on Joe as an opening act on his most recent My Songs world tour in 2022. Warren Buffett
Some of these celebrities appear to have taken a leaf out of Warren Buffett’s book.
The American multi-billionaire business magnate said he intends to donate more than 99% of his fortune, and that his children will not be left with much.
Buffett wrote in 2021 that “after much observation of super-wealthy families, here’s my recommendation: Leave the children enough so that they can do anything but not enough that they can do nothing”.
His adult children have all embarked on careers from philanthropy and music to politics and environmental conservation.
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Don’t Want to Leave Money to Your Kids? You’ll Probably Change Your Mind.”
Some parents fear leaving their children too much money. They talk about their friend’s child, who ended up doing little with their lives and abusing drugs and alcohol. Or they have an image of “trust fund babies” who sleep all day and party all night.
The good news is that the vast majority of children with inherited wealth do lead productive lives and would not fall into any of the above descriptions. Their parents set expectations, provided guidance and encouragement, and set limits when the children were growing up. No surprise their children turned out just fine.
Parents also fear leaving their children a significant part of their wealthbecause it could ruin their drive to live a productive life, fearing they simply might not feel the need to work. Or that the children will feel that any financial success they achieve will not be meaningful compared to their inheritance. So, they choose to leave a relatively small inheritance, enough to help but not eliminate the need to work. But parents often greatly underestimate the amount their children may need simply as a safety net, let alone to enhance their lives. Further, parents may not be aware there are certain controls they can put on the money they leave to their children that can assuage fears about misuse. As parents grow older, learn about these controls, and start to realize economic conditions are different, many end up changing their minds about how much money they want to leave their grown children. Coming to this conclusion earlier rather than later can have its benefits. Here’s how to re-think leaving money to your children.
Determine your goals
If a parent’s concern is that they will harm their child by leaving them too much money, they need to determine what dollar amount will cause that harm. The answer depends on what they want their children to achieve with the money. Then consider the what-ifs. For example, assume a parent wants to leave their child $500,000.
What if the adult child has a health crisis or they have a baby with a disability, incurring significant costs to the adult child and/or preventing them from being able to work?
What if the market sinks and the $500,000 becomes $250,000?
What if despite working hard, they or their employer are put out of business by a competitor, regulations or shifts in consumer taste?
While $500,000 may seem like a lot, if you take into consideration all the possibilities, it can be dissipated quickly on non-frivolous expenses. On the other end of the spectrum, some parents ask where the limit is. When is the line crossed from “enough” to “too much”? They want to help their kids, but they don’t want to give them beyond what they could possibly need.These goals may change as the child ages and grandchildren are born. Once their adult child starts working, parents may want to help with rent so they can have a nicer place to live or groceries so they eat a healthier diet. When grandchildren enter the picture, the parents may want to help their adult children buy a big enough house in a safe neighborhood with good schools. Grandparents may want to help pay for the grandkids’ higher education (or even private school for K-12) or want to ensure they will be able to afford good health care.
Parents’ goals and perspectives change over time, and financial plans change along with them. Learn about controls and family conflict
Parents can put controls on the wealth they leave their adult children by using trusts. Parents can choose a trustee to manage the trust so the kids don’t have full access or control. The trust can help them get an education, buy a place to live and start a business, but they can’t just live off the trust and sit around doing nothing. These controls can be different for each child. If parents know one child won’t lose their drive no matter how much money they have but another child will spend it all in a week, the children can be given different, access, controls and rights over their trusts.
These differences could cause conflict in the family, so parents need to keep an open line of communication with their children to explain their concerns and why they set the trusts up the way they did.
Teach your children about money
It’s up to parents to teach their children how fortunate they are to inherit anything, and that responsibility comes along with having money. Used properly, wealth can provide a safety net for unforeseen circumstances (which always arise) and provide a better lifestyle than a child might otherwise attain with his or her own income. Used wisely, having wealth can impact the children’s own communities if used to create jobs by starting or growing a business. Parents can teach their children that while they have a comfortable lifestyle, they can also use their money to benefit the world around them.
Parents may fear that leaving their children money will end up doing more harm than good, but if parents teach their children from a young age how to properly use their wealth and set expectations, it’s less likely the children will use it irresponsibly. And if parents are still fearful their kids won’t use their money properly, they can place controls on what they give. But parents’ goals will inevitably change as they get older and situations change, so leave room for flexibility.
