Nigella Stiffs Her Kids

[expatinscotland]

theyrenotgettingapenny

Nigella states taht she's not leaving her fortune to her children because she feels it's important to earn money.

There are ways to leave it to them that prevent them from coming into a big lump sum.

Oh, well, it's her money to do as she wishes.

If you had £110m, would you leave it to your children?

gates is giving it away all the time, with that fantastic project to fund affordable pharmaceuticals for the developing world
Whatever one thinks of his products he is a great man

I like the ideas that Gates has had in funding the development of a vaccine for Malaria. No drug company will do it, because it wouldn't make them enough money.

yes, that's magnificent i think MB.

I knew he had a specific target but could not remember what it was
Had never thought of spending money as hard work before now PPH

Bill Gates' foundation is currently touting for grant applications which can be very short and will be fast tracked. They're prepared to take on really risky proposals if it will help health in the poorer areas of the world. Fabulous really, he's breaking all the rules.

I would do exactly what pph suggests- nice house but no lifetime income. I would be afraid they'd end up like Tara Palmer wotsit otherwise.

actually giving away money is a very difficult thing to do marina
on a grand scale I mean
you can do whole courses on philanthropy in the states - there is a lot to learn!
gates does a magnificent job, I think he is fantastic
But the foundation has 36BILLION dollars and employs 500 people
It is a big and difficult job finding good homes for that money and trying to avoid corruption and waste as much as possible

re avoiding corruption my d-uncle in law works in leprosy control (and TB). He worked for a Dutch charity and has been pulled out of places because the corruption has been so bad that the majority of the funds were being syphoned off.

He is a very interesting chap to talk to, and has just retired and retured to Edinburgh, Tamum (he has v posh flat in the new town)

If you need someone to practise on, PPH, just say the word

I take it the corruption and the New Town flat are unlinked though mb

I agree with her

tamum, LOL!

she has 110m

Just looking Gates has given over $14,000,000,000 to date.

What a guy!

maybe Nigella will buy dd a wheelchair.

She's only in her 40s - surely she could try and spend it all before she pops her clogs

I do wonder if she is being slightly disingenuous. Her children may well inherit elsewhere, unless others in the family are taking the same approach as her. And whether or not they INHERIT masses, I find it hard to believe her children will struggle financially. Anyway, a privileged background hasn't stopped Nigella working and paying her way has it.

I do agree though that it's a bad idea to give young people a lot of money at a young age, and even worse for them to know what they're going to get and rely on that.

I'd love to be able to leave my kids reasonably financially secure - I know too well how money problems can dominate your life. If it were me, I'd leave them enough to buy a house outright, a few grand spare and the rest to charity. If you can own a house outright, life's never going to be too hard - that's my yardstick!

wow 110m
how abot we all do demestic goddess?
i suppose she is right. but im sure she will still give them money, although she might as well give to charity. another 10-15 yrs the money will be 150m or more, kids will marry, will have grandchildren etc...

According to the article she said to My Weekly, "I am determined that my children should have no financial security"

What a bloody stupid thing to say, if so, and something that only someone who's never been really insecure could say.

I quite agree that inheriting £1000000s is not going to be good for anyone, but has she any idea how fragile financial security is for most people in this country, and how shit life can be if you don't have much money?

Most people are only a serious illness, a disabled child or a job loss or two away from poverty.

IMO knowing that you have a safety net, so that if, say, someone needed an operation quickly it could be paid for privately, or if you had a child with special needs you could pay for the special education they needed, is priceless.

Gates Foundation has been given a HUGE amount of money by another American billionaire, Warren Buffet. Buffet also subscribes to the philosophy of leaving most of his money to charity rather than family.

Buffet and Gates also speak passionately about why Inheritance Tax should not be abolished in America (a hotly debated topic, with a surprising amount of support).

Totally agree with PPH.

The two trust fund types I know have pissed their lives away. One is basically waiting for her dad to die.

I won't have much to leave, but if I did I would leave them enough for a house and the rest to charity, and make sure they knew it.

Oh, that's interesting Earlybird- I was just reading a post on a knitting site a few days ago where someone was saying that Warren Buffet's daughter works in the local knitting shop. It all falls into place!

Yes Tamum, much is made of the fact that Buffet has lived in the same modest house in Omaha Nebraska for the past 30 years. Of course, we don't know what other houses he has acquired in the meantime.......

Not sure how many children Buffet has, but some of them work for his charitable foundation. I've wondered if that ever galls them - they're not inheriting huge amounts from their father, but are closely involved with deciding how enormous amounts of family money will be given away.