Philip Seymour Hoffman Death: Avoiding the Trust Fund Baby
Trust-fund kids tends to have a negative view because most parents do not with to leave all their assets to thier children at once.
From the late Philip Seymour Hoffman to Sting and from Bill Gates to Warren Buffett: Some of the ultra-rich do not want their children to become trust fund brats. UltraTrust.com investigates.
Boston, MA (PRWEB) September 03, 2014
Clients are only limited by their own creativity when drafting incentives for an irrevocable trust.
As a successful investment banker, Romney certainly knew how to take advantage of certain financial vehicles that offered tax-free gifts that he could use to establish a trust fund for his children. As with many other things in politics, Romney’s thoughtful estate planning drew praise from some circles and criticism from others (1). On one hand, some families approved of Mitt and Ann Romney’s desire to financially establish their sons at a time when the economic future of the world faces uncertainty; on the other hand, famous millionaires such as singer Sting, American investor Warren Buffett and Microsoft co-founder Bill Gates have expressed their opinions on the “trust-fund kid” phenomenon (2).
Hoffman and Sting publicly hated the concept of Trust fund babies
//standard.net/TX/2014/08/18/Why-the-very-rich-aren-t-giving-much-of-their-fortunes-to-their-kids.html – 8/14/14
//washingtonpost.com/lifestyle/style/why-the-very-rich-arent-giving-much-of-their-fortunes-to-their-kids/2014/08/10/4a9551b4-1ccc-11e4-82f9-2cd6fa8da5c4_story.html – 8/10/14
//marketwatch.com/story/what-philip-seymour-hoffman-should-have-done-with-his-money-2014-07-25 – 07/26/14
nytimes.com/2003/10/12/style/biting-the-silver-spoon-that-feeds-him-on-film.html – 10/12/13
newrepublic.com/article/118871/most-wanted-man-philip-seymour-hoffmans-last-significant-role – 07/28/14