Many parents dream of being successful enough to leave their kids a safety net and maybe enough extra cash to chase their dreams without fear of a financial meltdown.
But what about people with more than enough money to support their children and maybe even generations of grandchildren? Many celebrities and wealthy business moguls don’t think twice about buying a new house or an expensive luxury automobile while we’re over here struggling to decide if we can afford a new pair of jeans. While they can easily support their kids, many have decided to give away their considerable wealth.
Some celebrities and business moguls have written their kids out of their wills in the past few decades, sometimes without any warning, and others have openly said they don’t plan to leave their money to their children for various reasons.
Tony Curtis
When he died in 2010, Actor Tony Curtis left behind five grown children (one had passed away before him). Four of those are actresses, with Jamie Lee Curtis perhaps the best-known.
During his life, Curtis appeared in more than 100 films from 1949 to 2008 and amassed wealth accordingly, leaving his wife an estimated $60 million. That’s his fifth wife, not the mother of any of his children. The kids didn’t get a dime, and according to Fortune, they believed he had been unduly influenced to cut them out.
He rewrote his will only a few months before dying of cardiac arrest, and each of his surviving children is mentioned by name and excluded.
Ashton Kutcher & Mila Kunis
The That 70s Show couple has an estimated net worth of $421 million and are raising two young children together.
According to the NZ Herald, Kutcher says his kids are living a privileged life and that they have no idea how good they’ve got it since they’ve never lived any other way. He doesn’t want them to coast on that, though.
He says that there won’t be a trust fund to support them when he’s gone, but that doesn’t mean he’s not giving them a boost or that he’s letting them flounder. Instead, he says that if the kids have business plans as they reach adulthood, he’d be willing to invest, but that he’s not handing them “piles of cash for no reason.”
Gordon Ramsay
The celebrity chef is not leaving his kids a fortune, but like many other wealthy parents on this list, that doesn’t mean Ramsay isn’t a financially supportive parent. In 2017, he told the Telegraph that his four kids — at the time teenagers ranging from ages 15 to 18, meaning that they’re all in their 20s now — all received weekly allotments.
At the time, it was £50 (about $63 USD) per week for the three still at home and around twice that for the daughter, who was at university. The kids were to budget their own cell phones, bus fare, and some other needs out of that.
He also said he agreed with his wife to help the kids with a 25% deposit on a flat but not pay the whole cost. And when he’s gone, he’s not leaving them his fortune — he wants them to be responsible for their path.
Jackie Chan
Martial artist and actor Jackie Chan has one son, Jaycee, and a daughter, Etta. It’s been reported that he has a fraught relationship with his kids. According to the South China Morning Post, Etta is estranged and reportedly living in poverty, while her dad’s net worth is around $400 million.
As for Jaycee, Chan says that his son has “no discipline,” according to Republic World and that he’d rather give the money away to charities because he doesn’t see his son as the person to carry on his work. He said:
“If he is capable, he can make his own money. If he is not, then he will just be wasting mine.”
Jeff Goldblum
Don’t worry; this news won’t make it harder to love the Earth Girls Are Easy star. He’s not leaving his two kids a fortune, but it’s not out of spite or negative feelings towards them.
Instead, Goldblum says his kids can’t count on his money and are “not gonna want me to do it for you.” He plans to teach them (they’re aged 8 and 6, and he’s 71) to fend for themselves and to “row [their] own boat,” according to The Independent.
He wants them to each find their passion and interests and figure out the best way to make it work for them.
Jerry Lewis
Comedian Jerry Lewis, who died in 2017, also left his wealth to his wife and not to his kids, who are from a previous marriage. He didn’t say why, either, but was equally explicit about it in his will. According to Forbes, he wrote:
“I have intentionally excluded GARY LEWIS, RONALD LEWIS, ANTHONY JOSEPH LEWIS, CHRISTOPHER JOSEPH LEWIS, SCOTT ANTHONY LEWIS and JOSEPH CHRISTOPHER LEWIS and their descendants as beneficiaries of my estate, it being my intention to that they shall receive no benefits hereunder.”
The financial publication notes a reason for the specificity. This makes it much harder to challenge a will successfully.
Warren Buffett
Warren Buffet started giving away his fortune in 2006, falling from number 8 on Forbes’ list of the richest people in the world to number 10. The publication estimates that if he hadn’t jumped into philanthropy with both feet, he’d be in the number one spot and “just a hair shy” of breaking the record for the largest wealth ever accumulated.
When one of the wealthiest men in the world says he’s not leaving his wealth to his kids, it has a somewhat different meaning than when it comes from a man who owns one house. Buffett won’t be leaving his kids broke.
According to RouletLaw, while he’ll be leaving most of his wealth to charitable causes, Buffett has set up a $2 billion foundation for each of his kids. They can use it for philanthropic works but can’t simply cash in.
Kevin O’Leary
The Shark Tank star, investor, and businessman, with an estimated net worth of around $400 million, thinks that leaving his son that cash and taking away the necessity to work and earn his way would be a “curse.” He describes his mother’s position of only supporting him through college and leaving him to sink or swim.
However, there’s a caveat: He’s making sure any kids are covered while they’re still getting an education. He’s written a generation-skipping trust that will cover the needs of any descendants, but only until they have their education, CNBC reported. He says it covers any kids in the family “from birth until the last day of college and then zero.”
Bill Perkins
Author, film producer, and hedge fund manager Bill Perkins has an entirely different reason for not leaving his wealth — an estimated half billion dollars — to his kids in a will. It’s not because he doesn’t want them to have the money.
Instead, the author of Die With Zero says it’s a financial choice. He says that kids benefit more if given the money while their parents are still around and that the best way to handle wealth is to give it all away before dying. According to Business Insider, he explained in the book that inheritances usually come too late to support the dreams of the next generation.
He advises parents to make conscious decisions about what amount of money they want to pass on to their kids and about when it will be most beneficial instead of holding on to it until death.
Don McLean
American Pie singer Don McLean has two children, Jackie and Wyatt. He’s spoken about being abused growing up, and his second marriage ended after nearly three decades with allegations and charges of domestic violence.
Nonetheless, when Jackie spoke about her experiences growing up, saying that her father was emotionally abusive and describing an incident when he screamed in her face because he thought she had hidden a key he wanted, McLean wasn’t having it.
According to Newsweek, he boasted that he had constantly supported his daughter at “$30,000, $40,000, $50,000 a year, doubling her husband’s salary” and that the moment she spoke out, he cut her off.
He says that Wyatt assures him he’s a great father and has no complaints despite “[growing] up the same way,” he will continue to receive support.
Daniel Craig
James Bond star Daniel Craig has called inheritance a “distasteful” idea, and says he won’t leave his wealth to his kids. He has two daughters, one of whom is an adult and one born in 2018.
However, you can count him among the celebs who aren’t explicitly saying he won’t leave his kids anything at all, just that he’s not going to leave them massive wealth. He cited the old adage that if one dies wealthy, they’ve failed, and Andrew Carnegie’s legacy of giving away the equivalent of $11 billion in today’s dollars, according to The Independent. He added:
“But I don’t want to leave great sums to the next generation. I think inheritance is quite distasteful. My philosophy is: get rid of it or give it away before you go.”
Gene Simmons
The lead singer and bassist of KISS, Gene Simmons, is another person who says that he believes in giving his money away to causes rather than passing it down to enrich his kids. However, he’s also another who isn’t exactly leaving his kids with nothing.
He’s said that his two children “will never be rich off my money,” but that doesn’t mean they’re not benefitting from his fame and influence. Both kids started in show business early thanks to the family’s reality show, Gene Simmons Family Jewels, and according to Cheat Sheet, they’ve both launched successful careers.
His daughter, Sophie, applies her creative talents to music and fashion, and his son, Nick, uses his for voiceover work, comic art, and other content-creating roles.
George Lopez
Actor and comedian George Lopez is another who has reportedly said he won’t be leaving large sums of money to his daughter, Mayan Lopez. The two were estranged for some time after George divorced Mayan’s mother.
However, they reunited during COVID. Mayan, an actress who has created a show, Lopez vs Lopez, with her dad, says that she’s already received a significant inheritance from him, and not in the form of money, according to People Magazine. She explained:
“I inherited wonderful gifts from my dad, but I had to train and hone them…The biggest life lesson he taught me was to try to be the best comedian I can be.”
Shaquille O’Neal
Shaquille O’Neal, who rose to stardom as a center for the LA Lakers, isn’t quite saying that his kids can’t share in his $400 million plus in wealth. He says they have to earn their share, and he’s laid out the steps.
All his six kids have to do is produce a couple of degrees each to turn Shaq’s riches to shared wealth. He says that instead of another sports star, he’d like to have kids who are doctors, lawyers, pharmacists, or hedge fund managers. According to Sports Bible, he’d like someone prepared to take over his business.
He said, “My kids are older now. They kinda upset with me – not really upset – but they don’t understand. Because I tell them all the time. We ain’t rich. I’m rich.”
Michael Bloomberg
Michael Bloomberg’s two daughters, Emma and Georgina, don’t need his money now. They’re both in their forties and have built their own successful careers. Georgina is an accomplished competitive equestrian and team owner with a pile of awards to her name. Emma is the CEO of a public education advocacy organization.
According to Business Times, it’s also not clear how Bloomberg intends to leave his wealth and estates — it’s his businesses he’s leaving to charitable causes instead of directly to his kids. He said:
“I give virtually all of the company’s profits to the [Bloomberg Philanthropies Foundation], and the foundation gave away last year US$1.7 billion…This year it will be a little bit more than that. But when I die, the foundation inherits the company. They, because of the tax laws, will have to get rid of it, sell it someplace or other over the first five years.”
Laurene Powell Jobs & Steve Jobs
The late Steve Jobs didn’t leave his wealth to his children, and his widow will continue the tradition. When Jobs passed away, he left his entire fortune to his wife, Laurene Powell Jobs, with the understanding that their children were all successful in their careers and didn’t need the windfall.
Instead, according to Business Insider, Laurene continued with her late husband’s philanthropic endeavors, and when she’s gone, the empire will also disappear. The couple had a shared belief that families building massive wealth over generations is damaging to society. She said:
“Steve wasn’t interested in [legacy wealth building]. If I live long enough, it ends with me.”
Tyler Perry
There are reports that Tyler Perry is saying he won’t leave his money to his son, but that’s not entirely accurate. He has said he wants to teach his son the value of hard work, but he’s also made it clear that he’s building a legacy and’ll pass it on to his son “if he wants it.”
He appeared on Steve Harvey’s talk show last year and explained:
“So I wanna be able to pass it all on to him if he wants it…Hey, sometimes kids don’t want it, man. They just wanna do other things. He might want to go and be a janitor. I’m like, okay. If that’s what you wanna do, be the best that you can.”
Still, Perry is one more who is open to considering other options besides passing down his wealth, if it turns out that’s the best choice for his family.
Guy Fieri
The restaurant mogul and celebrity chef isn’t exactly refusing to share his business empire with his kids. He has some rules for how that happens.
Fieri says that he took inspiration from Shaquille O’Neal’s requirement for his kids to get two postgraduate degrees if they want a share of his wealth, according to CNBC. He said that his sons can have a share if they “come and take it.” Fieri explained:
“I told them the same thing my dad told me: ‘When I die, you can expect I’m gonna die broke and you’re going to be paying for the funeral,” Fieri told Fox News last week. “And I told my boys ‘None of this that I’ve been building are you gonna get unless you come and take it from me.'”
Marie Osmond
Marie Osmond has a longstanding musical career, a net worth in the millions, and 7 surviving kids (after losing one to suicide in 2010). She doesn’t plan to distribute that money to her offspring, though.
Like so many other celebrities, she says that doing so would rob them of the opportunity and obligation to do something for themselves and build their own success, according to CBS. She said:
“Honestly, why would you enable your child to not try to be something? I don’t know anybody who becomes anything if they’re just handed money…To me, the greatest gift you can give your child is a passion to search out who they are inside and to work.”
She said that forking over an inheritance “breeds entitlement and laziness” and “does a disservice.”
Instead, she expects to leave her money to charity.
Anderson Cooper
The CNN host started off with a “small” inheritance of $1.5 million from his mother, Gloria Vanderbilt, which puts into perspective the amounts celebrities may be thinking of when they tell us they don’t plan to leave their kids massive inheritances. According to Parade, his parents’ stance is, “College will be paid for, and then you got to get on it.”
(Covering college costs alone is a massive boost that many Americans would love to have.)
Still, he’s built his own wealth to an estimated $50 million and is starting to consider what he’ll do with it as far as his own sons. He doesn’t want to just hand them a fortune, and he says that, according to Town & Country, he doesn’t believe he’d have been driven to pursue his own passions if he’d thought there was “a pot of gold” waiting for him.