Don't miss what's happening in Kingwood
People on Kingwood.com are the first to know.
Go to top of page
Close
 
Close
Back
* CONTEST TODAY: 24 Hours Only - Win a $25 Gift Card to Panera Bread!  Ends in 18 hrs Read more »

No Inheritance

No Inheritance

12»
« Back
This discussion has been locked.
Message Menu
by: rocket Active Indicator LED Icon 3 OP 
~ 9 years ago   Apr 15, '14 7:58am  
In this article from CNN, Anderson Cooper discusses the fact that his mother, Gloria Vanderbilt, made it clear to him from a young age that he would not inherit the family fortune.  She expected him to make his own way in the world.  This is quite interesting because to my understanding Warren Buffett made the same decision in regards to his children.  My question is do you agree with this, or do you think they are doing their children wrong by not passing the wealth down to future generations?http://marquee.blogs.cnn.com/2014/04/02/no-vanderbilt-inheritance-for-anderson-cooper/?iref=obnetwork 4951
* Reactions disabled on political threads.
What are your thoughts? Log in or sign up to comment
Replies:
Message Menu
mm4731 Active Indicator LED Icon 13
~ 9 years ago   Apr 15, '14 8:01am  
[ Removed By Request. ] 4951
* Reactions disabled on political threads.
Message Menu
rocket Active Indicator LED Icon 3 OP 
~ 9 years ago   Apr 15, '14 8:03am  
who gives a s#!t
 
@mm4731:  The question is applicable to anyone.  I was basically inquiring how people feel about passing whatever assets they have down to their offspring.
4951
* Reactions disabled on political threads.
Message Menu
WskyTngoFxtrt Active Indicator LED Icon 10
~ 9 years ago   Apr 15, '14 8:06am  

- - - - - - - -
>> who gives a s#!t
 
@mm4731:  The question is applicable to anyone.  I was basically inquiring how people feel about passing whatever assets they have down to their offspring.
 
@rocket: I would say if the descendant has proven to be a responsible and productive citizen, then why not pass down the money. If he/she is just going to blow that money on drugs and possibly be a danger to society and/or themselves, then they should get stiffed out of the money and it given to a worthy cause. My preference would be a homeless animal shelter or something dealing with children.
4951
* Reactions disabled on political threads.
Message Menu
salth2o Active Indicator LED Icon 3
~ 9 years ago   Apr 15, '14 8:10am  
My philosophy is that you should pass along enough so they can do some things, but not so much that they don't have to do anything. 4951
* Reactions disabled on political threads.
Message Menu
jax Active Indicator LED Icon 16
~ 9 years ago   Apr 15, '14 8:21am  
Who gives a *&^% what they do with their money?  It's their money. They've earned it and can do what they want with it. To even suggest a person "deserves" an inheritance just because they were born is ridiculous. 4951
* Reactions disabled on political threads.
Message Menu
Katiemcg Active Indicator LED Icon 4
~ 9 years ago   Apr 15, '14 8:21am  
Exactly what salth2o said. If I was the parent, I would share enough to sort of help them along. Not so much that it takes the place of them making their own way in life. 4951
* Reactions disabled on political threads.
Message Menu
calliecat Active Indicator LED Icon 10
~ 9 years ago   Apr 15, '14 8:50am  
I agree with @WskyTngoFxtrtWhat is wrong with passing down your wealth to your children?  I see no problem with that.  Like Wsky said, if they are into drugs, crime or mentally unstable, then no way!  I would also give to a few charities.   4951
* Reactions disabled on political threads.
Message Menu
shodan66 Active Indicator LED Icon 15
~ 9 years ago   Apr 15, '14 9:08am  
if they are into drugs, crime or mentally unstable, then no way!
 
@calliecat: By time they've reached the age where this applies I think you've lost your window for teaching them about a good work ethic, appreciating what they have, and respecting others.
4951
* Reactions disabled on political threads.
Message Menu
BooBear Active Indicator LED Icon 16
~ 9 years ago   Apr 15, '14 9:11am  
Most of our passive money comes from land...I want that to stay. 4951
* Reactions disabled on political threads.
Message Menu
Humbletexan1 Active Indicator LED Icon 1
~ 9 years ago   Apr 15, '14 9:14am  
I am middle-aged and middle-class and have worked since I was 15.  I have only one daughter and she is going to college and working.  I can only hope that I have enough money to keep myself thru the end of my life and anything and everything I have after that point will go to my daughter.  My opinion on the mega-rich is this.  If a family has wealth, the wealth should remain in the family.  If there are charities and organizations close to the family, then it would be kind to bless them with donations.  I think it is honorable that people like Warren Buffet EXPECT their children to earn their own way.  But I do not think the children should be excluded from their inheritance.  Remember, these are the same children who grew up with maids and nannies and "other" people raising them and tending to their needs while the parents were out securing their own wealth.  A child needs a parent, not a nanny.  So, have the children not sacrificed enough already?  Big homes, fine cars and proper schools can't replace the love and nurturing of a parent.Anderson Cooper has certainly worked hard and made a name for himself.  If Gloria Vanderbilt will not leave her inheritance to her children, who will she leave it to? 4951
* Reactions disabled on political threads.
Message Menu
topcat Active Indicator LED Icon 12
~ 9 years ago   Apr 15, '14 9:39am  
If I ever make a fortune my kids are getting it all but not all at once. It would be distributed monthly or something like that.  I trust that they would use it for good. If they don't, it would be on their conscience. 4951
* Reactions disabled on political threads.
Message Menu
mgw300e Active Indicator LED Icon 11
~ 9 years ago   Apr 15, '14 1:33pm  
"No inheritance" is a big concept in communism. If individual people want to do that, no problem. 4951
* Reactions disabled on political threads.
Message Menu
rocket Active Indicator LED Icon 3 OP 
~ 9 years ago   Apr 15, '14 1:47pm  
I think I agree with the philosophy some have already expressed, and that is passing on enough to assist but not to the point that all they have to do is breath.  For example, what has someone like Paris Hilton actually done besides being famous just for being famous?  She had no part in building nor maintaining the Hilton empire.  She simply won the DNA lottery.I much more prefer the concept of the Jones family, owners of the Dallas Cowboys.  I know Jerry is divisive, but in regards to his adult children they all have a part to play in the running of the organization.  None of them as far as I know are allowed to just simply exist.Most of us on this board probably fall into the middle class category.  Having said that depending upon how your Will is structured even our children can potentially inherit sizeable sums.  Hopefully all of us have attempted to teach our children how to make wise decisions so that they can be responsible adults now or in the future depending upon their age.  Otherwise any money that they do inherit will probably be gone within 5 years having been wasted on partying and frivolous buying sprees.  4951
* Reactions disabled on political threads.
Message Menu
fcabanski Active Indicator LED Icon 16
~ 9 years ago   Apr 15, '14 1:58pm  
Cooper did not make his own way in the world.  His family opened many doors that would have remained shut to the no talent guy. 4951
* Reactions disabled on political threads.
Message Menu
KTownTexican Active Indicator LED Icon 11
~ 9 years ago   Apr 15, '14 2:15pm  
I'm only going to pass on things if they do something with their lives. If not,, the ones that do something will get it all. 4951
* Reactions disabled on political threads.
12»
This discussion has been locked.
« Back to Main Page
Views: 6
# Replies: 26

Texas Water & Ice




Shiner's Express Car Wash Logo Kingwood Service Center Logo Club Z! In Home & Online Tutoring Services of Kingwood Logo MacFarlane & Associates, P.C. Logo Modern Heart and Vascular Institute  Logo Holy Comforter Lutheran Church Easter Sunday Logo Maid Zen Cleaning Service Logo G & S Tire and Auto Logo iSchool High Atascocita  Logo CoCo Crepes Waffles & Coffee Logo Motorwerks Auto Group Logo JC Sports Houston Logo PWR House Generators Logo Abbie's Plumbing LLC Logo Crust Pizza Co. - Kingwood Docks Logo Mallard Creek Apartments Logo The Framestead Group Logo Advanced Appliance Repair Logo Your Junk Our Trunk Logo A+ Atascocita Lawn Services Logo Primrose School of Atascocita Logo Elite Hospital Kingwood Logo Aire Serv of Kingwood Logo MiCo Environmental Solutions LLC ~ GENERATORS Logo Ann's Teahouse Logo Challenge Soccer Club Logo Kingwood Mulch & Stone - Supplier / Wholesaler Logo Wild Birds Unlimited Logo
Sponsor an ad Sponsor an Ad »