Wednesday, March 14, 2012
Most of today’s self-made rich parents grew up with middle-class values and expect the same for their children. The spoils of growing up super-wealthy, however, can cause these children to lack work ethic and money sense. One billionaire mom, Gina Rinehart from Australia, is currently attempting to shut her three children out of their inheritances because she believes they are not fit to manage the fortune.
When Rinehart's father left her a mining fortune following his death, he also left a stake in the family trust to Rinehart's three children. According to court documents filed by Rinehart, “None of the plaintiffs (her children) has the requisite capacity or skill, nor the knowledge, experience, judgment or responsible work ethic to administer a trust in the nature of the trust in particular…” This inheritance battle is currently making its way through the Australian legal system.
See Robert Frank, Billionaire Says Her Kids Aren’t Fit for Inheritance, The Wall Street Journal, Mar. 13, 2012.
Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.