These Wealthy Celebrity Parents All Cut Their Kids Out Of Their Wills, But Why?

These Wealthy Celebrity Parents All Cut Their Kids Out Of Their Wills, But Why?

Ashton Kutcher and Mila Kunis want to teach their offspring the value of a dollar — and so do many others.

By Marianne Garvey

Not only did Ashton Kutcher and Mila Kunis share their minimal Christmas plans last year, Kutcher recently stated that they have no plans to leave their kids money either.

"I'm not setting up a trust for them," Kutcher revealed on Dax Shepard's Armchair Expert podcast. "We'll end up giving our money away to charity and to various things."

"If my kids want to start a business, and they have a good business plan, I’ll invest in it, but they’re not getting trusts ... so hopefully they’ll be motivated to have what they had or some version of what they had."

They're not the only ones.

Gordon Ramsay has made millions upon millions (estimated to be upwards of $160 million) as a celebrity chef — but his kids won’t be getting one cent of what he cooked up. He told The Telegraph that he has no plans to leave his massive fortune to his children because he thinks it would only “ruin them."

He has four kids; Matilda, 15, Jack and Holly, 17, and Megan, 18, whom he shares with wife Tana, 42, and says, “It’s definitely not going to them, and that’s not in a mean way, it’s to not spoil them. The only thing I’ve agreed with Tana is that they get a 25 percent deposit on a flat, but not the whole flat. I’ve never been really turned on about the money. That’s not my number one objective and that’s reflected in the way the kids are brought up.”

Sting won’t be leaving his kids his fortune either.

The 62-year-old singer told the U.K.’s Mail on Sunday, “I told them there won’t be much money left because we are spending it.”

"Obviously, if they were in trouble I would help them," he added. "But I’ve never really had to do that. They have the work ethic that makes them want to succeed on their own merit."

Microsoft founder Bill Gates and his wife Melinda won't be giving their billions to their kids, either.

In a Reddit "Ask Me Anything," he said leaving his kids millions won’t help them. Instead, the couple is leaving the majority of their fortune to different charities around the world, and to the The Bill & Melinda Gates Foundation.

Former New York Mayor Mike Bloomberg won't give his billions to his two grown daughters.

In a letter pledging his fortune to charity, he said, “If you want to do something for your children and show how much you love them, the single best thing—by far—is to support organizations that will create a better world for them and their children.” Sorry girls. 

Then there's the famous story of Tori Spelling receiving just a nugget of her father, Aaron Spelling's estimated $600 million fortune.

Her mom Candy Spelling, 68, told The New York Times a bad shopping habit was why Tori didn't see much cash. 

Simon Cowell will leave his massive TV fortune to the dogs - literally. 

The X Factor judge said leaving money for the next generation is something he refuses to do. Instead, he plans to leave his money to charity, likely benefiting "kids and dogs." Just not his own.

Elton John has sold over 250 million records worldwide, but his kids will only see a slice of his musical fortune. 

His sons, Zachary, 6, and Elijah, 4, won't be as rich as daddy. Elton and husband David Furnish have no intention of giving the boys the easy way out.

“Of course I want to leave my boys in a very sound financial state," he told The Mirror. "But it’s terrible to give kids a silver spoon. It ruins their life."

Another celebrity chef, Nigella Lawson, is on the same page financially. 

She told British magazine My Weekly that once her kids finish college, her work is done. 

“I am determined that my children should have no financial security," she said. "It ruins people not having to earn money." But, she also said she won't leave them starving.

Rocker Gene Simmons says his two kids won't be getting their hands on his cash. 

The bassist for KISS says his kids, Nick and Sophie, will have to make their own money.

He told CNBC, "In terms of an inheritance and stuff, they're gonna be taken care of, but they will never be rich off my money. Because every year they should be forced to get up out of bed, and go out and work and make their own way."

George Lucas created Star Wars, but his kids will have to come up with an idea of their own. 

He sold the franchise to Disney for $4.5 billion in 2012, but his massive fortune will go to education, and not his four kids. In a 2012 Giving Pledge letter, he wrote: "As long as I have the resources at my disposal, I will seek to raise the bar for future generations of students of all ages."

The Washington Post weighed in on the topic of trust fund kids, saying much of how they turn out later in life depends on personality. 

"Whether having so much money is good or bad for trust-fund babies depends on how the family has prepared the kids, their personalities and how well they handle the pressures of great wealth and the fear of disinheritance. For every party girl like Paris Hilton, there’s an Ivanka Trump, who got a business degree from Wharton and has parlayed her family’s money and famous name into a thriving career."

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