The rock star Sting says isn’t going to leave his kids any of his millions.
Sting is said to be worth about $300 million, but, according to a story in the Daily Mail, he has told his six children not to expect much.
“I told them there won’t be much money left because we are spending it,” he is quoted as saying. “We have a lot of commitments. I certainly don’t want to leave them trust funds that are albatrosses around their necks. They have to work. All my kids know that and they rarely ask me for anything.”
He said he would help them out if they were in trouble financially but he believes his kids, ages 18 to 37, are capable of earning their own livings.
Sting, the article notes, is not the first multi-millionaire to decide his kids would have to earn their own money. Others who have said the same thing include oil man T. Boone Pickens and actor Jackie Chan, the story says.
If you have any questions about estate planning, feel free to call us at (626) 696-6145.
