Tuesday, September 10, 2013
As I have previously discussed, according to reports, Simon Cowell has already been saying that he does not plan to leave his wealth to his unborn son. Although he claims that he will leave some money to his son, Cowell does not believe in passing on his wealth to the next generation. Cowell explains,” I’m going to leave my money to somebody. A charity, probably – kids and dogs. I do not believe in passing on from one generation to another. Your legacy has to be that hopefully you gave enough people an opportunity, so that they could do well, and you gave them your time, taught them what you know.” Cowell stated that he would prefer to be remembered for helping people instead of helping his children stay wealthy.
Giving in the U.K is about half of what the U.S. gives percentage wise when looking at GDP. However, many other Britons have adopted the American-style philanthropy and the percentage of charitable contributions in the U.K. is on the rise. Some people claim that the trend can be attributed to the fact that business is just not as rewarding as philanthropy. If Cowell follows through, he will be joining the philanthropic trend in the U.K who are opting to help the less fortunate.
See Robert Frank Simon Cowell Says He Won't Leave His Fortune to His Son, CNBC, Sep. 6, 2013.
Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.