Charlie Brooks
posted in Celebrities
If I had a million dollars, I’d probably leave some to my kids.
Philip Seymour Hoffman, who died earlier this year, didn’t feel the same way. Despite the advice of his accountant, he left no money to his three kids.
It is worth noting that he did leave his fortune to the kids’ mother, Mimi O’Donnell. That’s about $35 million in assets that, barring corruption, stupidity, or the predations of unscrupulous accountants, should be plenty for the kids. So it’s not like he completely left his kids out in the cold. But why not write them into his will in some way?
According to court documents, Hoffman didn’t want his children to grow up to be “trust fund kids.” As far as reasons go, that’s actually not too bad – this world certainly doesn’t need more people who never learned the true value of a dollar.
This is a path that has gained traction among a variety of celebrities, but I’m still not sure I would walk that road if I were in their shoes. Yes, I want my kids to work hard for what they get in life, but going the route of, say, action star Jacki Chan and making plans to leave absolutely nothing for the kids seems to be a step too far. It buys into the American myth that hard work is always rewarded and those that put the effort in don’t need any help. In truth, hard work will get you far, but not as far as people like to think. Getting a leg up certainly helps.
The type of money a celebrity has represents an opportunity to ensure that a kid doesn’t need to run the metaphorical rat race just to make ends meet. Having some funds already on hand would enable more people to try to start a business, go into a career in the arts, or engage in some other venture that 99% of America deems to be too risky.
In a hypothetical parallel universe where I have millions to leave behind, I lean toward the idea of giving my kids a small portion of that fortune. $1 million doesn’t guarantee success in the modern world, but it can be a valuable aid that allows somebody to pursue a dream. And if the kid crashes and burns through laziness or bad management? Well, that’s a lesson, too.
Of course, it’s easy for me to second-guess celebrities on this type of decision because I don’t have exposure to the life of a multi-millionaire. There are probably more risks out there than just kids getting complacent. Philip Seymour Hoffman probably knew a good number of those risks first-hand. After all, if he hadn’t had enough of a fortune to buy a ridiculous amount of drugs, his family probably wouldn’t have to discuss his will right now.
If you were a millionaire, what would your kids’ inheritances look like?
Photo Credit: Anna Langova
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