Bye, Bye Billions: 29+ Celebs Who Cut Their Kids Out of Their Inheritance

Talk about tough love: these stars decided early on that their children won't be seeing many zeroes in their bank accounts. Instead, they will have to work hard to carve their own path. Here's a closer look.

Mila Kunis & Ashton Kutcher

Mila Kunis and Ashton Kutcher met in 1998 after being cast on That '70s Show. But fast forward years later, the Hollywood "it" couple has two children and a combined net worth of $275 million, per Celebrity Net Worth.

However, during an episode of Dax Shepard's podcast, Armchair Expert Kunis and Kutcher revealed they are "not setting up a trust for them," and their money will go "away to charity and to various things." However, Kutcher said that if his kids want to "start a business, and they have a good business plan," he would only then invest!

Simon Cowell

Simon famously made his millions through the popularity of reality television. Beginning with his reign as American Idol judge back in 2002 to his current seat as executive producer and judge on America's Got Talent, Cowell might have been known for being the harsher judge, but that is what secured him his dough after all.

According to Celebrity Net Worth, Cowell is worth a hefty $600 million, but his son Eric won't be seeing those millions anytime soon. Even before his son was born, the TV producer told The Mirror he "doesn't believe in passing on from one generation to another." Sorry, Eric!

Marie Osmond

Singer, actress, and talk show host Marie Osmond comes from one of the most well-known (and wealthy) families in Hollywood. So obviously, her $20 million dollar value, according to Celebrity Networth, checks out. However, it doesn't mean her 8 children (yes, 8) are going to see any of it.

In an episode of her show, she made it clear her kids are going to have to work for their income! "Congratulations, kids. My husband and I decided that 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."

Daniel Craig

He may live lavishly on screen as James Bond, but Daniel Craig and his wife, Rachel Weisz, live a very low-key life together. The English actor is worth $951 million according to Forbes but has made it very clear what his intention is with his massive fortune.

The actor shared that he finds inheritance "distasteful" and does not plan "to leave great sums to the next generation." The Knives Out star added, "My philosophy is get rid of it or give it away before you go." We wonder how his 30-year-old daughter Ella feels about that...

Sean Connery

Speaking of James Bond, let's talk about the millionaire Sean Connery who famously portrayed the double agent in 7 films. Connery is a true rags-to-riches story; growing up with a tough childhood, at 13, he worked as a truck driver, milk delivery boy, and even coffin polisher before landing his big Hollywood role.

Before passing away, Connery was estimated to be worth $350 million per Celebrity Networth. But his only son Jason did not receive any of it. In an interview with The Telegraph, he explained his father worked hard for his money, so "what he does with it and who he gives it to is completely up to him."

Gordon Ramsay

This celebrity chef is known for being a wizard in the kitchen just as much for having a quick wit temper! Gordon Ramsay may be worth $220 million according to Celebrity Net Worth, but he believes in tough love and not spoiling his 5 kids; therefore, they will not be seeing his fortune. He did agree to one thing, though…

Ramsay and his wife agreed that their children would get a "25% deposit on a flat, but not the whole flat." That can work! He also added the kids "haven't worked anywhere near hard enough to afford" sitting with them in first class, so they simply do not!

Bill Gates

Believe it or not, the former richest person on Earth will not be passing down his billions to his three children. According to Forbes, Gates is worth about $106.2 billion - and his 3 children will be getting $10 million each from their father's massive bank account!

Known as a prolific philanthropist, Gates and his former wife founded the Bill and Melinda Gates Foundation, where they donate big chunks of their money. The Microsoft founder once said in an interview, "It's not a favor to kids to have them have huge sums of wealth. It distorts anything they might do, creating their own path."

Jackie Chan

Besides being one of the greatest actors in the biz, Jackie Chan is most famously known for performing his own stunts, slapstick acrobatic fighting style, and just being an absolute legend. He grew as a martial arts star and producer of multiple action movies, earning him an overall net worth of $400 million per Celebrity Networth.

However large his fortune may be, he made it very clear over 10 years ago, when he just had one son, that his son won't be getting any of it. "If he is capable, he can make his own money." Chan shared in an interview on Channel News Asia, "if he is not, then he will just be wasting my money."

Sir Elton John

He may be worth $500 million dollars, according to Celebrity Net Worth, but his 2 sons will not be receiving his 9-figure fortune in the future. In fact, Sir Elton John once revealed that it was after Warren Buffet shared his opinions on his children's inheritance that he and his husband, David Furnish made their minds up.

"Of course I want to leave my boys in a very sound financial state. But it's terrible to give kids a silver spoon. It ruins their life." He also said, "Anything beyond the basic, they have to go out and earn it themselves. If they want a Picasso, they have to go out and earn it. I think there's real sensibility in that." Respect, Rocket Man!

Sting

Talk about a rags-to-riches story! Gordon Summer, aka Sting, was a teacher, tax clerk, bus conductor, and construction worker, all before becoming the lead singer of The Police and winning the hearts of the entire world with that hypnotizing voice! Oh, and he's worth a cool $550 million per Celebrity Net Worth.

In an interview with The Guardian, the musician revealed his 6 children aren't getting trust funds, and all have to work for what they want - plus he has some major spending habits! "I told them there won't be much money left because we are spending it. We have a lot of commitments. What comes in we spend, and there isn't much left."

George Lucas

George Lucas is just an absolute legend with an even more legendary bank account. The creator of Star Wars and the Indiana Jones franchises, George Lucas, is a pioneer in the filmmaking industry, and his $5.5 billion overall net worth per Forbes definitely reflects that.

Despite his multi-billion dollar bank account, Lucas is dedicated to improving education rather than making sure his 4 children are also one day billionaires. When joining The Giving Pledge in 2012, Lucas stated, "as long as I have the resources at my disposal, I will seek to raise the bar for future generations of all ages."

Kevin O' Leary

O'Leary has the reputation as the tough but fair judge on Shark Tank, but it is his relationship with children that is really tough but fair! The millionaire co-founder of O'Leary Funds is father to 2 kids and has secured $400 million, per several sources. But, he is "not planning on giving my [his] kids any of my [his] wealth." 

O'Leary told Chatelaine magazine his kids know when they finish school, he's "pushing them out of the nest." He continued, "I tell wealthy parents that if they don't kick their kids out of the house and put them under the stresses of the real world, they will fail to launch. They will become unsuccessful adults."

Mark Zuckerberg

It's weird to think of a world without Facebook. There's something about the social networking site that makes us want to find out where our ex's first cousin is - and we have Mark Zuckerberg to thank for it. As Forbes estimated, the founder and CEO of Facebook is worth a whopping $44 billion dollars - and his kids, well…

After their daughter was born, he and his wife shared that they would donate 99% of their fortune to charity. "We want you to grow up in a world better than ours today. We will do our part to make this happen, not only because we love you, but also because we have a moral responsibility to all children in the next generation."

Ted Turner

Thanks to Ted Turner, we have CNN, TNT, and TBS. The billionaire made his money from the mega-competitive world of media but somehow was able to attract audiences all over and keep them there! With his talent, Ted Turner racked up an insane net worth of $2.4 billion, according to Forbes.

However, his seven children will never see that kind of money in their inheritance. The media magnate is the second-largest landowner in the US, having 2 million acres of land he uses for ranches to re-popularise bison meat. Turner also signed The Giving Pledge, contributing most of his wealth through the Turner Foundation.

Heath Ledger

Although Ledger unexpectedly died in 2008 due to an overdose, the actor is still forever known and loved as the Joker in The Dark Knight. The Australian actor past away at only 28 years old, with a $16 million dollar fortune to his name, per Celebrity Net Worth.

The late actor had just 1 daughter, Matilda, with his former girlfriend, Michelle Williams. Upon his death, he had not updated his will, so the little girl was left no money from her late father but inherited his entire estate. However, his family donated millions to her, despite some members protesting the kind gesture.

Andrew Lloyd Webber

Andrew Lloyd Webber is one of those people who apparently can do no wrong. The billionaire award-winning playwright and composer has produced hit after hit in his career, from Cats, Evita, Jesus Christ Superstar, and The Phantom of the Opera. And according to Celebrity Net Worth, is worth $1.2 billion thanks to those very hits!

However, the British composer has shared he is "not in favor of children suddenly finding a lot of money coming their way because then they have no incentive to work." So, instead of leaving an inheritance to his 5 children, he plans on donating his moolah to help the theater world.

Jeff Bezos

Currently standing as the fourth wealthiest person on the planet, with an estimated net worth of $115.8 billion according to Forbes, Jeff Bezos is planning on donating his billions to charity instead of leaving it behind for his 4 children. So where's all that hard-earned cash going too?

In 2020, the entrepreneur founded the Bezos Earth Fund committing 10 billion dollars to the nonprofit to fight climate change and protect the planet. His ex-wife MacKenzie Scott has too committed her fortune to various charities, stating she will "keep at it until the safe is empty."

Michael Bloomberg

The former Mayor of New York City, Michael Bloomberg, is worth a pretty $70 billion according to Celebrity Net Worth. The dedicated entrepreneur and politician earned his fortune through his information and financial news media company, Bloomberg LP, of which he owns 88% of the company.

However, he believes his daughters will only benefit from his money going to charity instead of their bank accounts. "If you want to do something for your children and show how much you love them, the single best thing — by far — is to support organizations that will create a better world for them and their children," he said.

Laurene Powell Jobs

The widow of former Apple CEO mastermind Steve Jobs, Laurene Powell Jobs, has inherited the tech genius' stocks in Apple and Disney, contributing to her $19 billion dollar net worth, per Celebrity Net Worth. However, in an interview with The New York Times, the businesswoman explains where her money is going one day.

"I inherited my wealth from my husband, who didn't care about the accumulation of wealth. I'm not interested in legacy wealth buildings, and my children know that. If I live long enough, it ends with me," she said. So, her cash will be going to charity and not her 3 kids.

Gene Simmons

Known as his stage persona, The Demon, Simmons is one of the most famous rockstars to ever walk the planet, earning him all those millions! The bassist and co-lead singer of the hard rock band Kiss is worth $400 million, according to Celebrity Net Worth. That's no small chunk of change!

Despite having some major rock star cash flow, Simmons strongly believes that his kids are going to have to work for their money. In an interview with CNBC, Simmons explained, "Every day they should be forced to get up out of bed and go out and work and make their own way."

Sam Cooke

Sam Cooke, aka The King of Soul, passed away with a net worth of $2 million, per Celebrity Net Worth - but according to accountants, his estate was worth about $100 million. The singer and songwriter used his popularity and influence to gain movement during the Civil Rights Movement in the '60s but was tragically shot and killed in 1964.

After the Bring It On Home To Me singer passed away, it was revealed that he had 3 children outside of his marriage, which prompted much controversy over the will and amount of money each child would receive. And, as it turned out, the children got a lot smaller of an inheritance than they would have liked.

Anderson Cooper

According to Celebrity Net Worth, the famed journalist and political commentator is worth about $50 million, which checks out considering he is the main anchor on the CNN show Anderson Cooper 360°. However, his children will not be seeing that fortune anytime soon.

"I don't believe in passing on huge amounts of money," he said during an interview on the Morning Meeting podcast. "I'm not that interested in money, but I don't intend to have some sort of pot of gold for my son. I'll go with what my parents said: 'College will be paid for, and then you gotta get on it.'"

Gloria Vanderbilt

Like mother like son, right? The multi-hyphenate millionaire was a woman of many talents, from artist to actress, author to fashion designer, and New York socialite Gloria Vanderbilt was actually mother to Anderson Cooper! The Heiress passed away in 2019 with an overall estimated net worth of $10 million, according to Celebrity Net Worth.

When she passed away, Cooper received none of his mothers' fortune but seemed to be understanding of her decision. "I obviously grew up with great privilege and was very lucky and was able to afford college and not have student loans and they would pay for college, but beyond that, it would be up to me to make a living," he told EW.

Philip Seymour Hoffman

Another artist that left this world too soon: Philip Seymour Hoffman. The brilliant actor built his decorated career early on with hit after hit, from The Big Lebowski to Capote. Hoffman passed away in 2014 due to an overdose, leaving behind his $25 million net worth, per Celebrity Networth.

Hoffman made it clear that his children would not grow up as stereotypical "trust find kids," and instead left his millions to his children's mother and partner, Mimi O'Donnell. However, the actor did believe that his kids should "be raised in a city with art and culture" like Manhattan, San Francisco, or Chicago.

Aaron Spelling

During his time, Aaron Spelling was known as the television producer in Hollywood. Spelling produced some of the most successful series in television, from Charlie's Angeles to Fantasy Island, Melrose Place, Beverly Hills 90210, and more. However, when he passed away in 2006, he left his daughter, Tori Spelling, little of his fortune.

According to Celebrity Net Worth, the millionaire producer was worth a whopping $600 million upon his passing. However, when it was time to receive inheritances, Spelling decided his children were not responsible enough to handle the wealth, leaving his daughter, Tori Spelling, with less than $1 million out of his hundreds of millions.

Marlon Brando

Marlon Brando was one of those actors that could just do it all. His dynamic roles ranged from The Godfather to A Streetcar Named Desire, Apocalypse Now, and more. So, it definitely makes sense that over his very lengthy career, he racked up the big bucks.

Celebrity Net Worth placed Marlon Brando at $100 million dollars after his death - but unfortunately for some of his 11 children, they didn't even see a penny. Father to Christian Brando, the two didn't get along so well, so when it came down to arranging his will, Christian, along with 2 other siblings, was cut out of the will.

David Cassidy

Cassidy rose to fame during the '70s due to his role in the hilarious sitcom, The Patridge Family. Immediately, David became a fan favorite and teenage heartthrob but, unfortunately, didn't have the best relationship with his children later on in life.

According to several sources, Cassidy was worth about $500 thousand dollars when he passed away in 2017, and his daughter, Katie, didn't see one penny of it. Cassidy shared he was "proud" of his daughter, but they never were on the same page, ultimately leading to her disinheritance. However, his son Beau was left $150,000.

Glen Campbell

The famous singer and songwriter Glen Campbell was best known for his CBS show, The Glen Campbell Goodtime Hour, during his career spanning five decades. The Rhinestone Cowboy singer sold 45 million records globally, which could explain his $50 million dollar fortune, according to Celebrity Net Worth.

The superstar entertainer was diagnosed with Alzheimer's in 2010 before passing away in 2017. Upon his passing, he left a generous estate of nearly half a million to his family. However, there was a clause stating that if his children were to contest it, they would be disinherited, which happened, and 3 children got the boot.

Aretha Franklin

Turns out, Aretha Franklin's children gave her no respect while she was alive, and in return, they got nothing from their momma! The famous gospel singer, known as the Queen of Soul, was worth $80 million according to Celebrity Net Worth, but all her children got was her piano and some papers…

Legend has it she wrote 3 wills and placed them in various places throughout her house for her children to find. The famous gospel singer had 4 children, Teddy, Kecalf, Edward, and Clarence. However, she disinherited her oldest son, Clarence, whom she had at 12 years old.

Warren Buffett

Speaking of billionaires, founder, chairman, and CEO of Berkshire-Hathaway, Warren Buffett, who is worth $110.6 billion according to Forbes, has always prided himself as a hard worker with a modest lifestyle (for a billionaire). Actually, though - he is still living in his house in Omaha, Nebraska, that he bought for $31,000 in 1958.

As for his three children? He decided early on to spread his billions far out of his bloodline, committing to give away 99% percent of his money to charities. "I'm not an enthusiast for dynastic wealth, particularly when 6 billion others have much poorer hands than we do in life," he said.