They say it's human nature to seek immortality. I don't know if that's true, exactly. But I know for a fact that people who were detested stand the test of time a lot better than those who were loved. Maybe that's what Wellington Burt was thinking when he wrote what is possibly the most hateful will ever almost a hundred years ago.
Burt was one of the eight richest Americans when he died in 1919 (think Walton heirs in today's terms). He'd amassed a fortune as a lumber baron but apparently hated his family, so he stipulated in his will that no one would receive his fortune until 21 years after his last grandchild was dead. For 12 lucky heirs, almost 100 years later, it's finally payday.
The lucky dozen don't even know much about him, and they're divvying up amounts ranging from $2.6 million to $16 million. But his own kids and grandkids got hosed, big time:
The most that any of Burt’s immediate family ever received out of the estate he once referred to as “the golden egg” was a $30,000 annual payment to a “favorite son,’’ according to the Saginaw News. The other children were left with anything from $1,000 to $5,000 a year — amounts similar to what Burt left his secretary, housekeeper, chauffeur and cook. The tightfisted millionaire removed a $5,000 annuity from one of his daughters because she got divorced.
One way to make sure you're never forgotten is to have the next three or four generations of your family cursing your name, I suppose. Kinda makes me wonder about Buffett. How do you think his three kids feel about his giving 99% of his estate to charity? I know it's not the same thing, but it still has to sting a little.
All you rich kids out there: how pissed would you be?
i have to say that's inspired me.
It cant be miserly if he doesnt give it away to someone else, it's not like he's using it.
My parents have a sizeable income, nothing Warren Buffet style but still enough to retire on instantly if their car with the brakes cut had an accident. I don't want it, it isnt mine, I didnt earn it. They paid for my education, and the odd holiday together but thats it.
A few of my friends have had houses bought for them. Couldnt do that. Would feel really awkward, plus its obvious. Earning first year money while living in a highflying house? Either that or a drug dealer.
He earned, he can do whatever the intercourse he wants with it, and to hell those grandsons.
My parents worked very very hard for the money they earned and saved. I want them to enjoy it in retirement. And if they decide to leave it all to the Christian Reformed Church or Samaritan's Purse, so much the better. It's their money, not mine.
Frankly, I think the country needs to go back to 50-60% inheritance taxes on the non-charitable-giving portion of an estate beyond 2-3 million. Good way to raise revenues, quietly redistribute wealth, and help speed up darwinism in society.
I disagree with the last paragraph of your post. I think it even contradicts what you said above. Let them do whatever the hell they want with their money. If they want to give it to their kids they deserve exactly the same respect as if the gave it to charity. If they want to give 50% of it to the country it should be fine too, but I think it shouldn't be an obligation.
OHHHHHHH!!!!!! THAT'S HATEFUL!!!!!
In my family, since I'm the only child I believe I will inherit everything from my parents. Even if I don't get a dime I won't be disappointed because it is their money so they can do whatever they want with it.
As for this it depends on what perspective you look at it with. From a son/daughter view you may think that your parents should allow you to inherit the money because you're their son/daughter. On the other hand as a worker/commodity in this market you will think that it is reasonable for them to do as a please with their money since they're the ones who earned it.
On a side note, if I do inherit my parents money, I'll just take it as an extra bonus to my hard work, if not no big deal.
The point, though, is that it's a lot better to achieve wealth redistribution through inheritance tax than through income tax. I think everyone would much rather have 35% tax rates and a 50-60% inheritance tax than 40% income tax rates and a 30% inheritance tax.
Not a fan of the inheritance tax at all. It's ridiculous. I know the theory is that it's supposed to prevent the development of elite, permanent, landed classes who don't do anything "productive," but think about it. If you're going to inherit $50 million, are you suddenly going to turn around and work for a nonprofit if all of a sudden you only inherited $30 million?
So you're advocating a 100% estate tax?
My father throws me a bone every now and then. For the most part I have earned what I got. Just the way he did it, and he is a very wealthy man. It does sting a little but it also gives you a strong work ethic.
I have ZERO respect for Warren Buffett. If he were a real man of charity he'd give his money away before he dies. It's pretty easy to promise your entire wealth to charity when you're dead. Plus the guy is an absolute dick--he clamors for higher income taxes on "rich people" like him by advocating for higher taxes on earners over $250,000. Yeah, Warren, you fall in the same category as the local divorce attorney putting away $300,000 or the local surgeon earning $500,000. Yeah. As if you'd pay income taxes anyway, Mr. Capital Gains. F*cking ass.
I don't agree or disagree, I simply don't care....I'm just pointing it out.
Huh? What are you talking about? I have no respect for his political philosophy and for his so-called philanthropy. I know he's given away a lot of money, but I don't have any respect for the idea that he gives away most of his money AFTER he dies. That's not exactly a leap of faith. I have no respect for his calling for higher taxes on common small business owners or proprietors given that he doesn't pay income taxes to speak of--Buffett pays capital gains taxes. I DETEST how that arrogant asshole lumps his wealth into the same category as the earnings of a 35-year-old doctor with 26 years of formal education and $400,000 in student debt under his belt earning mid-6 figures.
Buffett is a Class A limousine liberal.
I'm not commenting on Warren Buffett, because he has the right to do what he wants with his fortune, as does any other free citizen. In term of the story posted by the OP, though Mr. Burt's intentions may have been questionable at best, the only real ethical obligation of a parent is to provide education and a comfortable childhood for their children. If we want to preach libertarian dogma and advocate unconditional meritocracy, it's only logical that wealth shouldn't be passed down but created and dispersed.
My parents have worked very hard to amass a significant nest egg/fortune/whatever you want to call it, but as has been said above I have no intention nor desire to have any of it. They paid for my prep school/undergrad/car to get to school with, they'll pay for my MBA; other than that I don't have any need for any more contributions. My parents paid for the tools for me to accumulate my own wealth. Beyond that, what more could I want. Just my 2 cents.
No, libertarian dogma would assert that we have the right to give or to not give our money to whomever or whoever we choose. Libertarianism has much less to do with "unconditional meritocracy" than it does about freedom of the individual in all things, personal, economic, educational, religious, etc.
The point about Buffett is simply this: I'm not going to spend 1 second praising someone who gives his money away WHEN HE'S DEAD. That's not sacrificial or even particularly honorable. It would be sacrificial if he gave it all away, say, 10 years ago and gave up his private jet, house, cars, vacations, sick office, nice suits, attendants, etc. In addition, the guy's political philosophy is completely bankrupt because he's already earned his wealth and his policy advocacy would be of minimal to no impact on him even though he compares high taxable income earners to enormously wealthy capital gains earners. Buffett is a brilliant investor--a once-in-a-century investor--but when it comes to "life" the guy is a grade A jackass.
Poor Africans needed food 10 years ago, too. In 50 years my wealth will go to feeding the hungry. Until then I will see you at j.Gilberts. Praise me!
I actually don't believe this at all, I'm just posting it to be a dick.
On behalf of Africans, we don't want your fucking food. If the west spent more money investing in infrastructure, growth equity and greenfield foreign direct investment in Africa, rather than trying to feeding a superiority complex by donating money to NGOs so 91 cents on the dollar can go to advertising and administration. Dropping food and even giving 100 dollar microloans to set up fruit stands only continues to feed to the post-colonial structure on dependency in the continent, starting with 300 years of colonization followed by paris club predatory loans and opportunistic foreign policy on behalf of the selfsame foreign powers.
So there you go. If you really want to change the world and not just pad your resume for judgement day, invest your money in the human capital of a continent too often left off the map and don't donate squat to charity.
Hey, genius, I was using sarcasm to prove a point about Buffett's charitable heart. Believe me, I have less than zero intention of ever giving one red cent to the people of Africa. Africa can go f*ck itself for all I care. I hope that makes you feel better.
On behalf of most Americans, we don't want to give Africa, the Middle East, or Europe anything. Hopefully one day we will elect a President with some balls and do away with these handouts to nations that literally hate us.
LOL.
from a background where my maternal grandfather died too young (incredibly successful businessman), and left control of his estate to the mother who will be passing everything essentially to one son and ignoring the rest of the daughters. my mom immigrated to the states with my dad, and today they essentially built an upper-middle class lifestyle from scratch.
while i do happen to be the second-favorite grandson (out of like 14 other cousins), I really don't want any of that estate or that money if I am named in that will. one of the most important lessons that you have to be willing to learn is that actually really don't deserve much in the world, so you better go out and hustle for it. the entitled personalities of some people you meet on the Street is just another thing to be exploited if they are on the opposite end of a deal or trade, provided they last that long in the industry.
Ideal policy would be 100% state tax over x, say 20m~30m amount, it would create nice incentives specially if offset with far lower income tax..
In theory, I'm actually in favor of a 100% inheritance tax.
Obviously it would never work, but if it could, we'd be living in a real meritocracy.
Off the topic of taxes...
Am I the only one that noticed that 90 years of compounding on the 8th largest fortune in the US only comes out to $100m?
Did the trust managers invest in sea monkey futures?
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