trust fund

These Celebs Say Their Kids Won't Be Inheriting Their Fortune

Anderson Cooper joined a number of other famous parents who have vowed not to pass on their wealth to the next generation

Anderson Cooper
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Anderson Cooper made headlines over the weekend when he revealed he would not be leaving an inheritance for his 1-year-old son Wyatt.

The CNN anchor and son of the late heiress Gloria Vanderbilt, whose own trust fund sparked a bitter custody battle dubbed "the trial of the century," said he doesn't "believe in passing on huge amounts of money."

“I’ll go with what my parents said … ‘College will be paid for, and then you gotta get on it,’” Cooper said on Air Mail’s “Morning Meeting” podcast.

Cooper, 54, isn't the first celebrity to express their opposition to leaving large amounts of money to their kids. Check out some other famous parents who have vowed not to pass on their wealth to the next generation:

Gordon Ramsay

Chef Gordon Ramsay on set of Hell's Kitchen
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FILE - Chef/host Gordon Ramsay on set of Fox's Hell's Kitchen.

The British chef, known for his ruthless management style in the kitchen, has five kids with wife Tana Ramsay. He told the Daily Telegraph newspaper in 2017 that his wealth will not be left to his children so as to "not spoil them."

“The only thing I’ve agreed with Tana is they get a 25% deposit on a flat, but not the whole flat,” Ramsay said at the time, adding that his children are grateful for what they have.

Gene Simmons 

Gene Simmons attends the Elton John AIDS Foundation's Oscar Viewing Party
Frederick M. Brown/Getty Images
FILE - In this Feb. 28, 2016, file photo, singer Gene Simmons attends the Elton John AIDS Foundation's Oscar Viewing Party in West Hollywood, California.

The KISS front man said as far back as 2007 that his two kids wouldn't live off his fortune because he wants them to make their own money and have careers. He told People magazine at the time there's a yearly allowance to help cover rent and food, "but if they want riches" they would have to earn their own wealth.

“I don’t want them to say, ‘Thanks, dad, for making me rich,’” Simmons said. “No, you wanna be able to stand on your own two feet and say, ‘I did that.’”

Ashton Kutcher and Mila Kunis

Ashton Kutcher and Mila Kunis smile during basketball game
Stephen Dunn/Getty Images, File
FILE - In this Dec. 19, 2014, file photo, actors Ashton Kucher and Mila Kunis attend a Los Angeles Lakers game.

Kunis and Kutcher are not setting up any trust funds for their two kids, 6-year-old daughter Wyatt Isabelle and 4-year-old son Dimitri Portwood, Kutcher told "Armchair Expert" podcast host Dax Shepard in 2018.

 "My kids are living a really privileged life, and they don't even know it,” Kutcher said. He said the pair plans on giving their money to charity.

Kutcher, who made most of his fortune through investments, said he would consider investing in his children's potential business plans, but would not hand them piles of cash for no reason.

Bill Gates

Bill Gates
Chip Somodevilla | Getty Images
FILE - Bill Gates

The co-founder of Microsoft and fourth richest person on Earth has said his three kids with ex-wife Melinda Gates will only be receiving a "minuscule portion" of their estimated $130 billion net worth.

Gates told The Daily Mail in an interview in 2011 that he believes leaving his kids massive amounts of money "would not be good for them.”

"They will be given an unbelievable education and that will all be paid for. And certainly anything related to health issues we will take care of," Gates said. "But in terms of their income, they will have to pick a job they like and go to work. They are normal kids now. They do chores, they get pocket money."

The former couple, who still co-chair the Bill & Melinda Gates Foundation, plan on putting the majority of their fortune toward charitable causes.

Marie Osmond

Marie Osmond is seen on set of CBS's "The Talk."
Photo by Monty Brinton/CBS via Getty Images
FILE - In this May 7, 2019, file photo, Marie Osmond is seen on set of CBS's "The Talk."

The singer and talk show host is another celebrity who has publicly shared she's giving her fortune to her charity. Osmond explained her decision on the "The Talk" last year, saying she and her husband, Steve Craig, believe leaving their kids a fortune could potentially cause more harm than good.

“You do a great disservice to your children to just hand them a fortune because you take away the one most important gift you can give your children, and that's the ability to work,” Osmond said. "And you see it a lot in rich families where the kids, they just, they don’t know what to do and so they get in trouble. Let them be proud of what they make, and I’m gonna give mine to my charity.”

Osmond co-founded Children’s Miracle Network Hospitals, a charity that raises money for children’s hospitals across the country.

Daniel Craig

Daniel Craig
Charles Sykes/Invision/AP, File
FILE - In this Tuesday, March 3, 2020 file photo, Daniel Craig attends the opening night of the "In Character: Daniel Craig," film series at the Museum of Modern Art, in New York.

The James Bond actor will be leaving his children a sum closer to his famous character's moniker 007, than the millions he has made playing the British secret agent. Craig called the idea of inheritance "distasteful" in a 2020 interview with Saga Magazine.

“My philosophy is to get rid of it or give it away before you go. I don't want to leave great sums to the next generation,” Craig told said.

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