MONEY MORAL DILEMMA. Should Roman Rockafella leave all his money to his kids?

squidworth

Half? lol last time round judge said "half" followed by "thats 75% then" - this country legal system is a joke, full of child-haters!!

Anyway, some chap of Dragons Den had the right idea in my eyes, he pays them a salary of double whatever his children earn themselves, giving them the incentive to earn whilst still the benefits from his wealth.

pennypinchUK

Just remember, there are no shops in the cemetary.....

Glowboy

If I ever found myself in the position of having more money than I could spend during the rest of my lifetime, I think I would offer my children a lumpsum at 18 (or 21 if they preferred) sufficient to set them up with somewhere to live. At current rates that would probably be £100k.

Ongoing financial support would be forthcoming if the child first spent time working for charity - in the hope that along the way he/she would learn how fortunate he/she was to have access to wealth, and how a little can make a big difference when correctly applied.

The salary-matching idea is a good one although I'd definitely impose a cap: no one "earning" £100k pa should need the same amount again from a trust fund.

eagles_2

clarkey1000 wrote: »

I'd say donate a large proportion of it to charity etc (He's got £500 million so there's plenty to go round!)and then set up something like eagles suggested (Peter Jones is planning the same for his kids
http://www.launchlab.co.uk/article/Business-Blog/How-to-have-nice-kids,-by-Peter-Jones/218 )

The kids need to be raised with the right attitude to money and a knowledge of what's in the will otherwise when he dies they'll spend years contesting the will because they feel they have a 'right' :rolleyes: to the money their father earned.

If I have the same thoughts as Peter Jones whydon't i have the same money...LOL

Idiophreak

I think I'm gonna be alone here, but I'd just give them the lot.

So what if they don't know how to work hard, the value of money, etc?

If I had the choice between working hard and knowing the value of money or having £500m, never having to go to work and spending my life travelling, partying and generally doing what I wanted - I know which I'd do. Sorry if that makes me a lesser man...

Sadly, however, I don't have that choice. If I could give my children that choice, I'd gladly do it.

What's the alternative? Just save the money, teach them to work hard, so they can "make something of themselves", presumably gather more money, add it to the family coffers then die. Someone's got to spend all the money at some point, why not your kids (personally, it would be me spending it, but I've never been good at holding on to money )

heleen

He shoudl give them enough to get a good education.
Then £1 million to start a new business if they so choose.
After that, their earnings get matched £2 to the £1.
So if they choose to have a £50k job, they would end up with £150k.
If they choose to set up a business that makes them £2m, they end up with £6m.

That way they are best incentivised to do well.

I woudl also then macth their charitable giving pound for pound.

the_jogger

He should leave enough for his wife and £100,000 for each child. The rest should go to charity.

gideonrackstraw

Dragons Den millionaire Peter Jones has a trust fund set up for his kids. For every penny they earn working they get a penny from the trust fund, so if they don't work they don't get a bean and if they work they are lucky enough to have their salary doubled by the trust. Nice approach I think.

RedBooties_2

pennypinchUK wrote: »

Just remember, there are no shops in the cemetary.....

Hey that's right, there's a gap in the market there. Thanks for the heads up!

On the Peter Jones thing: He definitely has the right idea in my opinion. It should also be pointed out that while the trust fund doubles the salary of his children, for particularly worthy professions that don't pay well (like nursing or teaching) it will instead pay out several times the salary.

steam_dan

Let them have the money. Let them waste it all on Drinks, Drugs and Woman, then when they've spent it all tell them "tough cookies".