As a parent, I feel my number one job is to protect my kids.
However, parents have different philosophies and ideas as to how best to protect their children. Personally, I want to make sure my kids have what they need. Notice I used the word NEED. I have taught my kids at an early age that there is a difference between what they WANT and what they NEED. When we would go to the store, we would make a game out of the items they would ask me to buy. They would have to explain why it was something they needed and not something they wanted.
The purpose of this article is not to give parenting advice or to say my parenting philosophies or ideas should be followed. I am writing this article as an estate planning attorney to reflect a trend we are seeing among celebrities. Some may say it is a tough love approach, some may agree with it and others may not. Regardless, celebrities are choosing NOT to leave their fortunes to their kids.
In a recent Fox News article, Chef Gordon Ramsay explains that he won't leave his $140 million fortune to kids because he "wants them to make their own way in life". Other celebrities including Jada Pinkett, Warren Buffet, and Bill and Melinda Gates have also made the same decision.
As a parent I can appreciate and understand this choice. As an estate planner, I can help with the many options that are out there and ensure that, no matter who you choose to leave your estate to, it is protected. From experience, I can tell you that one size does NOT fit all.