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  1. #1
    Forum Frontman It's Mike's Avatar
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    12.17.17 @ 08:10 PM
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    Default Sting: Why my children will not be inheriting my 180million fortune

    I stole this from Number 47's post in the police thread. Be interested to know everyone's take on this, not just with Sting but the theory of not giving money to your kids when you die.


    Sting: Why my children will not be inheriting my 180million fortune

  2. #2
    Atomic Punk edwardv's Avatar
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    12.17.17 @ 03:05 PM
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    I think if you have wealth you have to be very careful in dealing with this issue. I do not believe in total financial support for offspring during the educative and working years. They must get a career for themselves and then work daily. But I also think that complete disinheritance is wrong too. Giving more to one offspring and less to another is a huge mistake too any lawyer will tell you that.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

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  4. #3
    Atomic Punk Dave's Dreidel's Avatar
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    Default

    You can also put the funds in trust with a trustee and only allow the funds to be used for specific purposes, and not for the purpose of them sitting on their ass and not contributing anything to society.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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    Atomic Punk Dave's Dreidel's Avatar
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    Default

    I am also kind of surprised Sting is only worth 180 million pounds to be honest with you.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

  6. #5
    Atomic Punk bsbll4's Avatar
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    12.15.17 @ 12:23 PM
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    I understand this more from wealthy people that have created wealth through industry, innovation, or hard work. Getting rich through the arts seems to be as much luck as anything else (because there are plenty of hard working, talented musicians, artists, and performers that barely scrape by), so holding on to your wealth as if you're teaching your children some life lesson is pointless. Sting, while talented, hit the life lottery.
    CNN may think my opinion matters, but you shouldn't.

  7. #6
    Atomic Punk edwardv's Avatar
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    12.17.17 @ 03:05 PM
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    He says in the interview he spends most of what he makes and most likely nothing will be left. Good for the economy not his children.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  8. #7
    Atomic Punk ziggysmalls's Avatar
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    12.17.17 @ 05:21 AM
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    I don't really agree with this.

    As stated, Sting hit the lottery. 5 years too early or 5 years too late and he is now a bartender working for tips. Good for him he was able to succeed in life. That said I don't agree the kids should get nothing from the estate. He brought them into this world and most likely raised them on a lavish lifestyle. Not to say they need this for the rest of their lives but they didn't grow up like he did. They are his kids. I would think if you could do something to make their lives better, you would or you should. There are ways to do this without them being Paris Hilton. If you raise your kids right, they most likely won't fall into this trap.

    My parents were upper middle class. Their parents were lower middle class however I do know when they passed, whatever they got from their estates certainly did help. It didn't change them but it may have helped with some bills so they could save more for retirement.

    Kind of funny to think that here is this warrior for the World. Mr. Tree Lover. Guy who is out there pointing out injustice in the world. Can't trust his kids enough to leave them with his inheritance. Meanwhile you have a guy like Eddie who battled demons and bandmates who seems to have raised a respectful son and isn't worried about leaving him the VH estate.

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  10. #8
    Baluchitherium
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    12.17.17 @ 02:05 PM
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    Default

    Quote Originally Posted by ziggysmalls View Post
    I don't really agree with this.

    As stated, Sting hit the lottery. 5 years too early or 5 years too late and he is now a bartender working for tips. Good for him he was able to succeed in life. That said I don't agree the kids should get nothing from the estate. He brought them into this world and most likely raised them on a lavish lifestyle. Not to say they need this for the rest of their lives but they didn't grow up like he did. They are his kids. I would think if you could do something to make their lives better, you would or you should. There are ways to do this without them being Paris Hilton. If you raise your kids right, they most likely won't fall into this trap.

    My parents were upper middle class. Their parents were lower middle class however I do know when they passed, whatever they got from their estates certainly did help. It didn't change them but it may have helped with some bills so they could save more for retirement.

    Kind of funny to think that here is this warrior for the World. Mr. Tree Lover. Guy who is out there pointing out injustice in the world. Can't trust his kids enough to leave them with his inheritance. Meanwhile you have a guy like Eddie who battled demons and bandmates who seems to have raised a respectful son and isn't worried about leaving him the VH estate.
    I really hate that I am going to defend Paris Hilton, but the girl currently makes $100k an appearance as a DJ in Vegas (she's pretty good by all accounts). She is very entrepreneurial in several different industries and has been making her own money for quite some time. Did her parents wealth benefit her? Heavens yes it did and it appears to have taught her how to make money, whether it is respectable or not is questionable. She is not just sitting back on her boney ass collecting an allowance for kissing her wealthy relatives ass and I actually respect that.
    I think Sting is correct in his actions and is just trying to teach his children that they have to make their own way. They will have all of the love and financial support they need to get there, but they need to do it for themselves. It is good for their autonomy and I wish more wealthy people would take this approach.
    Last edited by Dick Punch; 12.31.14 at 07:04 AM.
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  11. #9
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    12.17.17 @ 08:31 PM
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    Default

    If I had Sting's money, it would all go to my kids. I don't care if they never work their entire lives. I'd prefer for them to spend their lives doing the things they want, and not have to sacrifice as much as I had to at times just to survive.
    blah blah blah Devin Townsend blah blah blah

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  13. #10
    Forum Frontman fudd's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    You can also put the funds in trust with a trustee and only allow the funds to be used for specific purposes, and not for the purpose of them sitting on their ass and not contributing anything to society.
    i had to graduate college and have a kid by 30 to get what gpa set up for me. Oh well. One of two ain't bad.

    Money isn't everything. I come from a wealthy family and I had to work my ass off to get where I am. And now I dont have to. People do it for me.

  14. #11
    Gird your loins Daisy Hill's Avatar
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    12.17.17 @ 03:53 PM
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    Default

    well Anderson Cooper has had the same set up and he is perfectly fine with it. He has said that trust funds and inherited wealth rob you of your initiative. and I trust that since he went to Dalton and Yale he has seen it many times. Many people don't even know he is a Vanderbilt. His mother has made her own money as a designer, but she is still a Vanderbilt and the only child of one of THE Vanderbilts and that makes estimates of her net worth difficult, but it is said she is worth 200 million just from her clothing and home goods designs. He said he was lucky that he was decedent from poor southern roots on his father's side

    http://abcnews.go.com/Entertainment/...ry?id=23132894

  15. #12
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    It's Sting's money; he can do what he wants with it. If that means spending it all, great. This would also be a brilliant bluff to make sure his kids are independent and functional before bestowing lots of wealth upon them.

    I've thought about this before, though only fleetingly, and I think that I would have a fund set up that would only be accessible by meeting certain goals. I think I would withhold the money until the age of 35 or 40, and the child would have to be self-sufficient, living on their own, a college graduate, and probably a few other parameters that make sense.

    In other words, make sure the child has learned what it takes to be successful and then let them inherit the wealth.

    The skills learned will be there for the rest of their lives, but they also will never want for anything.

    Weird, perhaps drunken thought: haven't Donald Trump's kids pretty much grown up the way we'd want our kids to if we were rich? It seems they are all smart and successful and not tethered to dad's business, as well as being decent people. For all of Trump's bluster, I wonder what he has done to raise those kids so well...

  16. #13
    Atomic Punk Little Dreamer's Avatar
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    Default

    I'm not really sure the examples listed above are any better than Sting. EVH has put a tremendous amount of pressure on his son to be in Van Halen. Don't fool yourself into believing his son ever had the option to say no. And Donald Trump... we'd need to know a lot more about their wheelings and deelings before declaring his kids poster children for the new generation.
    Little Dreamer

  17. #14
    Atomic Punk CaboChris's Avatar
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    12.17.17 @ 07:29 PM
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    Quote Originally Posted by Dave's Dreidel View Post
    I am also kind of surprised Sting is only worth 180 million pounds to be honest with you.
    I thought he'd be in the 300 mil range, at least...

  18. #15
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    Quote Originally Posted by Little Dreamer View Post
    I'm not really sure the examples listed above are any better than Sting. EVH has put a tremendous amount of pressure on his son to be in Van Halen. Don't fool yourself into believing his son ever had the option to say no. And Donald Trump... we'd need to know a lot more about their wheelings and deelings before declaring his kids poster children for the new generation.
    Really, I was just saying that they seem to be smart, self-sufficient, have good business acumen, and aren't in the tabloids.

    Maybe they are all awful, I don't know. But it seems like they are on a much better path than, say, Paris Hilton.

 

 

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