Gina Reinhart-- The Richest Australian Decides To Disinherit
You may have recently heard the news out of Australia about the nation’s wealthiest female, Gina Reinhart and her legal fight with her children over her choice to disinherit them from the family fortune. Ms. Reinhart is the beneficiary to her father’s iron ore business approximated to be worth about $18 billion.
The details of the situation are somewhat intricate, however the story highlights an all too typical circumstance where a moms and dad desires to disinherit his/her children.
This inheritance issue is more typical than you might think. There is no state law that requires a parent to leave an inheritance to an adult child, though there are some exceptions for small children. There are any number of reasons that a parent might pick to disinherit a kid, but household disputes and a parent’s belief that the child will not be able to properly deal with the wealth are really common factors.
Ms. Reinhart is not alone in her status as a wealthy or celebrity who wants to disinherit her kids. Take, for example, starlet Joan Crawford. The topic of the film Mommy Dearest notoriously cut two of her four adopted kids out of her estate, while leaving the 2 others about $70,000 each. Another star, Tony Curtis, chose not to leave anything to any of his five kids, including his child starlet Jamie Lee Curtis.
After Michael Jackson’s death, it was exposed that he made no provision for his father or any of his siblings and siblings in his last Will. While he did name his children and his mother as a beneficiary of a trust he established, everybody else in his household was disinherited.