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

JayD

I hope he is leaving at least half of it to his wife should she survives him by 30 days and some provision in trust for prosepective grandchildren.
The rest I would leave in trust funds for his children with staggered release dates to cover school fees and school extras until age 18, then a lump sum, another much bigger lump at 25, and finally another small one at 50.

Taffybiker

A will? What doe he need that for? Once he loses his breathing priviliges he won't care what happens to the money.
I say spend it while still alive, be generous towards the family, go places with them and enjoy life while he still can. He clearly doesn't need to be a moneysaver in his position so just go for it and have a great time with the kids.

PS: In return for this sound advice a sizeable cash donation to the Taffybiker Benevolent Fund would be greatly appreciated.

englishmac

All of the costs incurred in growing to adulthood eg education should be paid from the fortune. With such a fortune they should not be a burden on the average taxpayer (I know they pay more tax due to their high earnings but with a fortune like this there is no need for them to add to the social burden).

Thereafter, I like the idea of trust funds that do not pay out until age 25 and match earnings:payments from trust fun:straightforward monetary donations to charity on a ratio 1:1:1 basis. Charity fundraising and/or voluntary charity work would match earnings and payments from trust fund on a 1:2 basis. The more giving and caring they are, the more they are rewarded. And a lump sum matching earnings prior to age 25, payable when they turn 25.

By raising the question himself, it is likely the children have been brought up in an atmosphere where they appreciate the advantages they have. Wifey should get 50% - she has presumabley supported him and the kids along the way.

tallgirld

Well he cant take his riches to heaven so if I was his wife I would want him to leave me half :-)

Then the rest should go to the children.

Why cant I find a rich husband????????

mr-tom_2

Likewise, I like the Peter Jones route.

I'd cap the trust fund though and the rest would go to some appropriate causes.

dannyreckless

It seems quite simple,

A modification to peter Jones idea would suffice,
Basically, trust fund that pays out pound for pound what the children and wife raise for charity, you 'collect' say £20 you get £20,

For ease of conscience the charities involved would have to rotate as to spread the 'love'.

The incentive is there to make big bucks AND spread some much needed warmth into the world. It doent matter if they become money grabbing 'people' they will know a value to wealth that few people can say they understand.

I think, anyways just an idea...

mr-tom_2

englishmac wrote: »

All of the costs incurred in growing to adulthood eg education should be paid from the fortune. With such a fortune they should not be a burden on the average taxpayer (I know they pay more tax due to their high earnings but with a fortune like this there is no need for them to add to the social burden).

Sorry - noticed this too late for my previous post.

I want to take issue with this.

Our Rockafella has, all things being equal, paid about a third of a billion pounds in income tax. If he wants his kids to attend a comprehensive, then they should flipping well be able to attend the comprehensive.

This man will put more than a thousand time into public finances than he will ever get out again.

How on earth can he be claimed to be a burden on those same finances?

To me, this is similar to the "no taxation without representation" argument. In this case, it is the concept that if you pay your taxes, you should not be denied access to universal public services such as education.

Frankly as they've not moved to Monaco to avoid paying tax, the government should be falling over themselves to make sure they are not discriminated against.

TorM_2

I'm sure that that's the kind of dilemma a lot of people would like to have ??

Why does it have to be all or nothing?
Surely he could leave some to the kids, some to friends, some to charity, some to the local cat's home, or whatever......
If he has that much, divide it between all the MoneySavers... I'm sure we could all spend it wisely... or should that be "save" it wisely :j

MrsE_2

Who else would he leave it too

Half to the wife (with her half to go between any kids on her death) & the other half split at the time of death.

Dal_3

If he teaches them well, they won't need the money