Fusion 360
If you polled everyone in Salt Lake City, it’s likely 100 percent would say they wished they found out they had a rich uncle who left them everything. These Salt Lake City residents would not be alone either; who wouldn’t like to find out they all of a sudden had a huge sum of money handed to them? But an inheritance is a privilege, not a right. This is the view of some notable celebrities who chose to leave their fortune to charities rather than their families.
The action star plans to leave his entire estate to charity rather than his son. He stated, “If he is capable, he can make his own money. If he is not, then he will just be wasting my money.”
When he died in 2005, the late-night host made his charity the beneficiary of a trust revealed to be worth $156 million. He also gave $4 million to the Los Angeles Children’s Hospital.
He has pledged to give away 99 percent of his estate during his life or when he dies. He is planning to give 83 percent to the Gates Foundation. He said, “I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing.”
He has a net worth of 19.5 billion. But in a letter to The Giving Pledge he said, “Nearly all of my net worth will be given away in the years ahead or left to my foundation.”
The former rock star is not planning to leave his estate to his children. Years ago he told CNBC, “… in terms of an inheritance and stuff, they're gonna be taken care of, but they will never be rich off my money. Because every year they should be forced to get up out of bed, and go out and work and make their own way.”
His money has gone and will go to the Bill and Melinda Gates Foundation, which already has assets of more than $37 billion. He said, “I knew I didn't think it was a good idea to give the money to my kids. That wouldn't be good either for my kids or society.”
Although you may not be a celebrity, if you live in Salt Lake City and need to start estate planning there are many expert estate planners in Salt Lake City who can help you make sure your money ends up exactly where you want it.
Fusion 360 is a group of writers and marketers in Salt Lake City providing content for local businesses.
