Inheritance?: "It ruins people not having to earn money."

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Take your eyes off the photograph for a minute & consider what the lovely Nigella ( :wink: ) is actually saying here:

She doesn't want to leave her (considerable) fortune to her children when she dies, because she doesn't want them to be financially secure .... because "it ruins people not having to earn (their own) money".

So what's your thinking on that notion? That every generation should earn their own upkeep ... & that inherited wealth has a undermining influence on off-spring?

You don't have to talk about Nigella at all, if you'd prefer not to! :wink: :

I'm cooking but my kids won't get a penny: Nigella

http://www.theage.com.au/ffximage/2008/01/30/nigella_wideweb__470x284,0.jpg

Nigella ... her husband has a different view.

January 30, 2008 - 1:17PM

She may share wealth of more than $200 million with her husband, but TV cook Nigella Lawson says her children shouldn't expect a penny from her when she dies.

Given that she's worth about $36 million of that total, and her husband, marketing supremo and art collector Charles Saatchi, doesn't share her opinion, it may not be too much of a blow to her two children.

Lawson, the daughter of former Conservative chancellor Nigel Lawson, said she didn't want her children to feel financially secure.

In an interview with the magazine My Weekly, she admitted she and her husband had argued over the issue.

Asked what she hoped her children would learn from her, she said: "To know that I am working and that you have to work in order to earn money.

"I am determined that my children should have no financial security. It ruins people not having to earn money.

"I argued with my husband Charles, because he believes that you should be able to leave money to your children.

"I think we'll have to agree to disagree."

Miss Lawson, 48, has two children, 13-year-old daughter Cosima and 11-year-old son Bruno, from her first marriage to the late journalist John Diamond.

Mr Saatchi has one daughter, 12-year-old Phoebe, from his first marriage.

The cookery presenter and writer, who has sold more than three million books did not say what she would do with her money.

She has worked closely with several cancer charities, after the disease claimed the lives of her mother, sister and first husband.

http://www.theage.com.au/articles/2008/01/30/1201369201301.html

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I am of two minds on this one. On the one hand, I think that if a person has amassed a fortune, there is nothing wrong with them leaving the money to their heirs. On the other hand, money handed to kids without them having to work for it, could send a wrong message to the children, and stifile their own personal ambition.

If I were very wealthy, I would take a middle ground. I would set up some sort of a trust where the kids would have enough to get themselves started in life. I would not hand over the bulk of my estate to them until a certain age, possibly 40 or 45. In that way, the children would have to fend for themselves in their younger years, and develop a work ethic, before they would be entitled to most of the inheritance.

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Ah! Finally we meet a true devotee of Ayn Rand. He he.

Referring too original pst. - edit

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I think that a lot of it has to do with the nature of the kids. I have known people who have frittered away their inherited fortunes, never developing themselves as competent individuals who could have made it on their own. I have also known others, who have taken their parent's fortunes, and used it to reach heights undreamed of by their parents.

In addition to what I said in a former post, I think that a good parent needs to be realistic about the character of their kids, when they decide what to do with their fortunes.

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My initial reaction when I read the article: I was hoping that Nigella had gone a bit "Bolshie" & intended to use her wealth in a variety of socially useful ways! Seriously, what hope would there be for any off-spring who inherited such obscene amounts of money when quite young?

Another thought: there's something very unjust (to me, anyway) about one generation of extremely wealthy folk passing unearned privilege on to the next in line. And on & on ... endlessly.

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msolga- If you owned something, whether it be great or small, don't you think that it is your right to do with it as YOU see fit?

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Phoenix32890 wrote:

msolga- If you owned something, whether it be great or small, don't you think that it is your right to do with it as YOU see fit?

During your life, maybe, but..

Look what I wrote about that a while ago:

francis wrote:

Let it be an owner, who was a bad alcoholic, who had two sons. One was an unruly drug addict and left the house early. The other one, while doing proper studies, took care of his alcoholic father despite all his wrong doings and despicable conduct. The father never acknowledged the efforts of his son. After his death the other son came back and....you see?

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Phoenix32890 wrote:

...I think that a good parent needs to be realistic about the character of their kids, when they decide what to do with their fortunes.

Yes & the parent/s don't have to be super wealthy, either, when considering how much to financially support their children. Some of the hardest working/saving parents I've seen have been first generation migrants to Oz, who've started out with very little & scrimped & saved to give their kids a better chance in life than they had. Sadly, some of their kids have have grown up rather spoiled & cosseted, largely because of their parents' determined generosity.

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Phoenix32890 wrote:

msolga- If you owned something, whether it be great or small, don't you think that it is your right to do with it as YOU see fit?

I think I'd feel rather guilty if it was completely unearned/inherited & it made me disproportionately wealthy compared to a helluva lot of other folk. I like to think I'd "redistribute" a proportion of it at least, in ways that could have benefits for others less fortunate. But then, I'll never know for sure, will I, Phoenix? :wink:

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I'm the recent beneficiary of part of an estate.

I'm 49 years, and have always supported myself.

Do you think I laid around for the last 30 years being a slacker and broke, knowing at some indeterminate time in the future I was going to inherit some unknown amount?

20 year olds rarely inherite estates from the fact both their parents are dead.

More than likely, the beneficiary will be 45, 55, 60 even.

By that time, it's all lagniappe.

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msolga wrote:

Phoenix32890 wrote:
msolga- If you owned something, whether it be great or small, don't you think that it is your right to do with it as YOU see fit?

I think I'd feel rather guilty if it was completely unearned/inherited & it made me disproportionately wealthy compared to a helluva lot of other folk. I like to think I'd "redistribute" a proportion of it at least, in ways that could have benefits for others less fortunate. But then, I'll never know for sure, will I, Phoenix? :wink:

You are looking at this issue from the viewpoint of the recipient. If the money made YOU uncomfortable, there is nothing stopping you from giving it to charity, if that is your desire. I am talking from the point of view of the person who leaves the money to whom he wants.

BTW, if the money makes you that uncomfortable, I'll PM you my address, and we can take it from there!

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Who are we to dictate and try to control how our kids, as adults, learn lessons in their lives.
Give or dont.

I think it is truly a sadly controlling person who would make it public that they will not give money to their child because they want them to learn from hardship and nothing else. Why dictate like that? If you dont want to give that is fine, but dont make it public. What a snotty move

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From the viewpoint of the receipiant, I'd more have feelings of guilt if I won the lottery.

I mean, what did the newly monied person there do besides lay out a dollar?

When you inherit from a family or a friend, you have invested a large part of your life, for good or bad, dealing with them.

Honestly? I feel I earned every single penny of what I received. It sure didn't feel like something freely given. It felt like it had more strings attached to it than a cats cradle.

If someone, like Nigela, doesn't want to leave her children her estate, that is her business.

However, I believe she must consider the valules she is instilling in her children. If they are being raised to be self sufficient and independant, by the time they reach adulthood, they aren't going to be sitting around waiting for her to die.

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shewolfnm wrote:

Who are we to dictate and try to control how our kids, as adults, learn lessons in their lives.
Give or dont.

I think it is truly a sadly controlling person who would make it public that they will not give money to their child because they want them to learn from hardship and nothing else. Why dictate like that? If you dont want to give that is fine, but dont make it public. What a snotty move

Bingo. I also felt, well, since when was the act of you getting on your moral high horse a newsworthy event?

I can get behind giving a large chunk to charity or a school, sure. Hey, knock yourself out. But you do it fairly quietly. Even though you're a celebrity of sorts. Be known for that deed, and not the disinheriting part. Hell, be known for it after you die. But none of this crap. This just reeks of "hey everybody, look at me! I'm so moral and right and wonderful! Don't you all just wanna be me?"

Gaaah.

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Phoenix32890 wrote:

BTW, if the money makes you that uncomfortable, I'll PM you my address, and we can take it from there!

If I ever inherit a huge Nigella-type fortune, Phoenix, you will be one of first lucky recipients on my list! Absolutely.:wink:

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jespah wrote:

shewolfnm wrote:
Who are we to dictate and try to control how our kids, as adults, learn lessons in their lives.
Give or dont.

I think it is truly a sadly controlling person who would make it public that they will not give money to their child because they want them to learn from hardship and nothing else. Why dictate like that? If you dont want to give that is fine, but dont make it public. What a snotty move

Bingo. I also felt, well, since when was the act of you getting on your moral high horse a newsworthy event?

I can get behind giving a large chunk to charity or a school, sure. Hey, knock yourself out. But you do it fairly quietly. Even though you're a celebrity of sorts. Be known for that deed, and not the disinheriting part. Hell, be known for it after you die. But none of this crap. This just reeks of "hey everybody, look at me! I'm so moral and right and wonderful! Don't you all just wanna be me?"

Gaaah.

Yes, I also wondered why she'd decided to go public with her decision. I mean, she's not exactly a Vanessa Redgrave, is she?
And she could have kept all this quietly to herself. (& provided her off-spring with a little surprise when her will was read after her death. :wink: )
In any case, I doubt that the daughter of a Conservative UK politician didn't have a few advantages in life?

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The middle path, perhaps....and all things in moderation?

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Inheritance story close to home: The 16 year old son of a (former) friend of mine was the sole recipient of a quite considerable amount of money & also properties when his (mid-40s) father died suddenly a few years ago. Under the terms of the will the son was able to draw on quite considerable amounts of $$$, almost immediately, as some sort of tax reduction arrangement worked out between his mother & lawyers. Sorry, I don't know the details. Anyway, this meant if he wanted to buy any number of desired CDs, TV & video equipment, sound equipment, etc, etc, he could. Last I heard a trip to NYC was being planned. Thing is, he could have pretty much what he wanted as a high school student & his adult life was guaranteed to be very comfortable as well. Did this have a detrimental affect on him? Yes, from my observation at the time. Guaranteed future comfort, no matter what he did from age 16 on, sort of robbed him of what I'd consider to be pretty normal interest & drive in his studies & work. His mother, of course, could have been more careful about the amount of money he had immediate access to, but I think the knowledge that he was going to be a very well off adult, no matter what he did, took something very important away from his life experience.

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dlowan wrote:

The middle path, perhaps....and all things in moderation?

Sounds very sensible to me!

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This is actually a very complex issue. Breaking it down to its components, here is my "take" on this matter.

Nigella is doing herself and her children a disservice by broadcasting what she is or is not going to do with her money. I don't know what she is after, but it is really nobody's business but hers.

I don't think that it is wrong someone to leave a person a large inheritance. If the giver is wise, she will take the character and age of the heir into consideration, and use that evaluation in determining the nature of the bequest. There is someone in my family whom I am disinheriting, since she has proven that she cannot be trusted to use money wisely. If I live long enough, and she matures, I might change my mind, but as of now, she gets nothing.

I don't think that the government has the right to appropriate money that someone has earned for the benefit of "others", whomever they are. A person has earned the money, and IMO has the right to do with it as she sees fit.

I would not feel guilty if I inherited a lot of money. I might want to give some to charity, start a foundation, build a wing on a hospital, etc., but that is my choice, and I am not obliged to do so.

When you buy a lottery ticket, you are placing a legal bet. There is nothing wrong with accepting any proceeds from that bet.

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Inheritance?: "It ruins people not having to earn money."

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