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Texas Tech Univ. School of Law

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Tuesday, September 10, 2013

Simon Cowell is Following the Philanthropic Trend in the U.K.

Simon1As 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.

http://lawprofessors.typepad.com/trusts_estates_prof/2013/09/simon-cowell-is-following-the-philanthropic-trend-in-the-uk.html

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Comments

I completely agree with Simon, I think he has proposed an excellent idea of not passing on the wealth and treasure to the next generation. Everyone should start from scratch and get the chance to shape up the empire.. I am so glad that people are thinking outside their boundaries and doing charity is a super idea.. People who have not seen anything till date should get all the happiness rather than just pre planning everything for the unborn. I am proud 'f you :)

Posted by: BetterNow | Sep 11, 2013 6:23:05 AM

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