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Andrew Lloyd Webber's kids won't inherit his money
Filed under: Work Life, Life & Style, Celeb Parents
When your dad is worth $750 million, you might expect to never have to worry about money again. But Andrew Lloyd Webber's kids aren't getting a free pass from their dad. In a recent interview Webber revealed that he doesn't plan on giving his fortune to his kids when he dies.
Instead, the king of musicals will likely be donating the money toward helping kids around the world succeed in the arts. "(A will) is one thing you do start to think about when you get to my age. I don't think it should be about having a whole load of rich children and grandchildren. I think it should be used as a way to encourage the arts."
Webber acknowledges that since his wife Madeleine will likely outlive him, it'll be up to her to decide exactly how the money is spent and the company is run. And while kids Imogen, 31, Nicholas, 29, Alastair, 16, William, 15, and Isabella, 12, won't be inheriting their dad's giant fortune, Webber says they'll be taken care of nonetheless.
| Of course. Why wouldn't I? | |
|---|---|
| No. They need to learn to take care of themselves. | |
| Not until they turned 30. Or maybe 35. | |
| Give it to my kids? Heck ... I'd spend it on myself! | |
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ReaderComments (Page 5 of 14)
10-13-2008 @ 10:29AM
Betsy said...I'm surprised that he doesn't trust his own kids with the money.
Didn't he train them up right?
Reply
10-13-2008 @ 10:35AM
Dave said...Seems to me , the story is misleading---first the kids won't get his money---then, the kids will be 'taken care of'. So that to me means he will probably give maybe two thirds to charity...and the rest will be for the kids...more than enough. And I should be getting at least 1million for reading this story and doing this post!
Reply
10-13-2008 @ 10:33AM
Dave said...Seems to me , the story is misleading---first the kids won't get his money---then, the kids will be 'taken care of'. So that to me means he will probably give maybe two thirds to charity...and the rest will be for the kids...more than enough. And I should be getting at least 1million for reading this story and doing this post!
Reply
10-13-2008 @ 11:00AM
Zhana said...I think he did the right thing. he took care of eveyone as well as giving back to those in most need. His kids will learn the value of not having everything given to them yet they will be comfortable but not to the point of irresponsibility
Reply
10-13-2008 @ 10:41AM
Lisa said...He clearly said his family would be taken care of. Good for him for not creating more useless trust fund babies. Give them enough to get a good head start, and let them go from there...He likely has enough common sense to see the outcome of handing over millions and millions of dollars to spoiled kids. Set up your family to be comfortable, and help others through charities. Sounds good to me.
By the way, Andrew, you are a genius, your work is incredible!! God bless you.
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10-13-2008 @ 10:49AM
Cathy said...I agree with the first few posts. Give some to the children, and donate the rest. I want my children to learn to support themselves, not live off someone else's money. With this economy, my kids have no choice anyway-- they are being raised in the lap of poverty. Thanks President Bush!
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10-13-2008 @ 10:53AM
Linda said...I would definitely leave it to my kids, but then again I have 3 of the greatest kids in the world. They are 19, 21, and 23. The are ALL in college and hard workers! They come home from college in the summer, and THEY ALL WORK! I am a single parent and God knows it has not been easy, but they even help me whether I need it or not! Since my ex owes me over $17,000 in BACK child support, I have scrapped to give them a work ethic, and it payed off. They realize that NOTHING is free, and the only thing worth having is when you work hard for it! They are proud that they pay their own cell phone bills and anything else. I help them if they need it, but they are great budgeters and I feel like that is my biggest accomplishment in life! Anything I will be able to leave them, believe me, they have earned it!
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10-13-2008 @ 10:58AM
Roger said...I would invest it all in the stock market and give the kids something to worry about and add some stress to their lives,
Reply
10-13-2008 @ 10:59AM
Mel Strickland said...My two sons inherited $300,000.00 while still in their teens.
In six months every penny was gone and not a *&$#@ thing
left to show for it. As a result, neither one of them has ever
amounted to much. They keep sitting around looking for an-
other 'windfall' to come their way, 30 years late. Hell no! Do
not leave any money to kids until they are at least 30.
J.Stone
Reply
10-13-2008 @ 11:01AM
ROSCOE said...thats nothing compared to what SAM WALTON gave his children each one got 20 billion dollars each
Reply
10-13-2008 @ 11:04AM
darrell champion said...Those of you whining about his kids 'in want' obviously either didn't read the print, or you're worried your wealthy parents might read this story. HE SAID HIS KIDS WOULD BE TAKEN CARE OF.
Reply
10-13-2008 @ 11:08AM
c said...Let's see, He- one person has 750,mil but 5 children shuldn't split it? not to mention the man stole most of the music he claims as his creation- if anyone knows anything about classical music you will know. Encourage the arts? Well, might I suggest real composers!
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10-13-2008 @ 11:07AM
Barbara said...I personally can not comment on what I would do with that kind of money when I die. I don't think that anyone who lives paycheck to paycheck can honestly give an answer to that because, like myself they have no idea what having that much money means. I would love to make my childrens lifes a little more comfortable, but at the same time they learned a very valuable lesson of life being raised by a single mom. We have'nt had everything we would have liked to but, we got by. Now that they are adults, I see a lot of the qualities that I hoped they would gain in thier personalities. That I am proud of and no amount of money can do that.
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10-13-2008 @ 11:11AM
fredswampfox said...He should set up an irrevocable trust with several million for his children, then give the rest to whomever he chooses, but to give it all to the "arts" is a bit off the wall when there are so many people that need the basics of life that most of us take for granted.
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10-13-2008 @ 11:11AM
quill said...If he leaves each child one million, he still has many millions to leave to the arts. You are forgetting about inheritance taxes. Everything over 600,000 is heavily taxed. He is not hurting them at all. They will be fine.
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10-13-2008 @ 11:13AM
Maniacai said...If I had 750 million dollars, I would pay off all my nieghbors mortgages, put up 8 wind powered generators with back up battery systems, buy all the necessary farm machinery, set up a forge, dig everyone a well, put in new pasture fences, build several new barns, make sure all my neighbors had adequate firepower, buy maybe 100 acres, install solar panels for everyone! Basically build a totally subsistant, agriculture based community, and live out the rest of my days in peace and happiness with my friends, working hard every day doing what I love taking care of me and mine!
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10-13-2008 @ 11:14AM
matt said...I think he's doing the right thing. Giving kids too much money can ruin their lives, they might spend it on drugs.
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10-13-2008 @ 11:16AM
cmiller2 said...I agree with Webber if he made the money on his own and didn't inherit it from momsy or dadsy. Giving some to his kids is a good thing so that they can taste a little. But greed is built into families by those who shower their kids with material things and money. besides, we have enough greed as it is on WALLSTREET and around the world. Kids go to sleep hungry while rich, fat-cat billionairs and millionairs, and their families, enjoy the fruits of hard working americans who have to struggle day-to-day. So, why give yet another generation of kids who seem to have everything even more. Let them earn what they get and maybe they will learn from the experience.
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10-13-2008 @ 11:18AM
rjolooy21 said...It's the pc socalist thing to do .The socalist are trying to guilt their rich friends into doing this. If they don't they will get it through taxes.Part of the redistrubution of wealth in america.socalism is taking a foothold scary stuff.
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10-13-2008 @ 4:45PM
Juliebean said...You're aware he's not American, right? And even so I doubt socialists would want the money to stay within his company and being distributed to worthy composers. They'd want the company stripped and the money distributed to "the masses".