What is the SKI Club (Spending the Kids' Inheritance) and who are members?

Members of the club either spend their money on charitable causes or enjoy their wealth without leaving a penny for their own enjoyment. So, what do children who get used to wealth and dream of becoming wealthy in the future, but find out that they have been deprived of inheritance, say about this?

Mark Zuckerberg, the founder of Facebook, announced that he will donate 99 percent of his wealth to be spent on "advancing the potential of humanity". World-renowned television personality Simon Cowell, founder of competition formats such as The Voice and X Factor, announced that he wants his millions of pounds to go to "kids and dogs". Legendary US investor Warren Buffett is also slowly implementing his plan to split hundreds of billions of dollars' worth of wealth among his five favorite charities.

The fact that these ultra-rich people share their wealth with people who are not as lucky as they are, of course, is a sign of great magnanimity. But there are those who do not enjoy this magnanimity. Chief among these are the children of the rich. Because when these names donate enough wealth to make a comfortable living for their children, grandchildren and even great-grandchildren, they deprive the next generations of their heritage.

SKI CLUB IS GROWING FAST

These rich people, whose numbers have increased rapidly especially in the last period, are briefly referred to as the SKI Club. SKI is an acronym for "Spends their Kids' Inheritances", which means "spenders of their children's legacies". Members of the club spend their money mostly for charity, as we said above, but there are also those who consume their wealth by spending it for pleasure.

DANIEL CRAIG: 'EITHER SAVE THIS MONEY OR DISTRIBUTE BEFORE YOU DIE'

SKI Club finally came to the fore in 2021 with a statement by Daniel Craig, who made his reputation famous with James Bond films and added wealth to his fortune. Craig announced that he would not leave his fortune to his three-year-old daughter with his wife, actress Rachel Weisz, and to his grown-up daughter, Ella, from his first marriage. "Inheritance is a very unpleasant thing," he said.

Craig, "What did the old say? If you died as a rich person, you failed. I don't want to leave big money to the next generation. My philosophy is: either get rid of this money or distribute it before you die."

STING: 'My CHILDREN HAVE TO WORK'

Another world-famous British Sting made a similar statement in 2014. Speaking about the future of his $300 million fortune, Sting said, "I said to my children, 'You won't have much money left,' because we spend our money. We have many responsibilities. I really don't want to leave trust funds to my children that will get them in trouble. They have to work."

Famous British Chef Nigella Lawson also stated that he does not intend to leave a lot of inheritance to those who are left behind and said, "I am very determined that my children do not have any financial security. Not earning money is something that destroys people."

THE WEALTH OF THE GATES WILL NOT GO TO THEIR CHILDREN

Bill Gates and Melinda French Gates, who announced their divorce in early 2021, also announced that they had made a similar decision in the past. It is known that a very small part of the couple's joint wealth, which is estimated to be around 148 billion dollars, will be shared between their three children, and the rest will be spent on charity.

Many celebrities such as Elton John, Jackie Chan, Gene Simmons, James Brown, George Lucas, Andrew Lloyd Webber, Ted Turner, Joan Crawford, Philip Seymour Hoffman, Ashton Kutcher have announced that they will not leave a legacy to their children.

SO WHAT DO CHILDREN SAY TO THIS JOB?

There is no doubt that these parents think of their children's goodwill and future, and that they take the decision not to leave an inheritance as a motivation. However, the children of some members of the SKI Club made it clear that they were not satisfied with this situation.

SOME HAVE BEEN COURT

There are also famous children who met with great reaction against their parents' decision not to inherit and even went to court. For example, when Mickey Rooney died in 2014, he left his entire fortune to his stepson Mark Abner, who took care of him in the last days of his life. Seven of his eight biological children are left with nothing. As a result, the family got into such a big fight that it took two weeks to plan Rooney's funeral. During this period, his body was kept in the morgue. Rooney's children dropped their lawsuit in 2015.

Similarly, Ronald, the son of John Paul Getty, who once held the title of "the richest man in the world", was left with nothing but an allowance of $3,000 a year from his father, who died in 1976. Getty's entire fortune was donated to the Paul Getty Museum in Malibu. Taking the matter to court, Ronald Getty was able to get 10 million dollars, a house and some stock after long struggles and sorrows.

SKI-ing (or "Spending the Kids Inheritance") has become the new normal for the over 50s. Find out if SKI-ing is a good option for you.

https://www.yeshomebuyers.com/retirement-downsizing/spending-kids-inheritance