Inheritances are not guaranteed.
Celebrities often shock us with their actions.
We are taken aback by their marriages and divorces.
We are disappointed by their breakdowns.
We are confused by their fashion choices.
According to a recent Starts at 60 article titled “Famous snubs: The stars who have cut their kids out of their will,” celebrity estate planning can also surprise us.
This foolish lack of basic personal responsibility can cost their loved ones time and money.
Still, some celebrities do make estate plans.
Some of them choose to not to leave all of their wealth to their children.
The reasons vary.
For Gordon Ramsay and Elton John, the reason is a desire to not spoil their children.
Others like Bill Gates, Simon Cowell, and Mark Zuckerberg and his wife are philanthropically motivated.
They would rather leave their money to charitable causes.
Does this mean their children will receive nothing?
Many choose to leave a portion to their children – just not everything.
Do you have strong convictions regarding where you want your money to go when you die?
You should work with an experienced estate planning attorney now to put your affairs in order.
Reference: Starts at 60 (January 19, 2019) “Famous snubs: The stars who have cut their kids out of their will”