How NOT To Inherit Money
Mom and Dad have money. Lots and lots of money. What do you have to do to make sure you get some of it when they die? The kids of the following famous folks found out what NOT to do.
Bette Davis
Do you hear the name Bette Davis and think of the song made famous by Kim Carnes in 1981? It spent nine weeks on the Hot 100 charts. But Bette Davis was known for more than just her eyes.
Warner Bros., Wikimedia Commons
Why She Was Famous
For over 50 years Bette Davis was a household name. A well-known movie star, this powerhouse appeared in at least 40 films. Among the most famous films were The Letter (1940), All About Eve (1950), and Death on the Nile (1978).
Twentieth Century, All About Eve (1950)
Bette’s Family Life
In 1947 Bette gave birth to daughter Barbara. By most accounts, they had a loving mother-daughter relationship. Bette publicly called her my “beloved, wonderful daughter”.So, what went wrong?
Barbara’s Abrupt Choices
In the 1980s, Barbara, known as BD by her family, made a radical life choice. She decided to become a born-again Christian. She also wrote a life-changing book. What was it about?
Alan Light, CC BY 2.0, Wikimedia Commons
The Book That Revealed It All
In 1985 Bette fought cancer and a series of strokes. Her daughter Barbara, meanwhile, was writing a memoir about her childhood. The book was called My Mother’s Keeper. What did it say that so enraged her mother?
Well, a lot.
Why the Moola Went Bye Bye
Barbara accused her mother of being an alcoholic bully. But not everyone supported her.After the book's release Barbara’s brother, Michael, disowned her. Bette never spoke to her again. She later wrote in her memoir that Barbara had “a glaring lack of loyalty.”
How Much Did Barbara Lose Out On?
Barbara’s name was removed from her mother’s will. How much did she lose out on? Bette Davis’ fortune was estimated between $1 million and $3 million.
Evening Standard, Getty Images
Aaron Spelling
During more than fifty years in the TV industry, Aaron Spelling was involved in producing 218 airings. He “holds the record as the most prolific television producer in US television history”.
Trans World Airlines, Wikimedia Commons
Why He’s Famous
Do any of these TV program names sound familiar: Dynasty, The Love Boat, Beverly Hills, 90210, and Melrose Place? These are just a few of the shows produced by genius Aaron Spelling. Sometimes he even acted.
Aaron’s Family Life
Aaron and his wife, Candy Gene, raised their children Tori and Randy in a life of luxury. Their kids grew up in a 123-room mansion in California that sold in 2019 for $119.7 million.
Maureen Donaldson, Getty Images
You May Have Heard of His Daughter
Aaron’s daughter, Tori, played the role of Donna Martin in the TV series Beverly Hills, 90210. From 1990−2000 she was one of only four stars to act in every season. She was paid almost $700,000 an episode.
Twentieth Century, Beverly Hills 90210 (1990–2000)
What happened to Dad’s dough?
Aaron figured his children didn’t have enough financial knowledge to deal with excessive money. He was probably right. Tori was sued by credit card companies in 2016 for living beyond her means.
How much did Tori and Randy miss out on?
Tori and Randy were each left $800,000. That doesn’t sound too bad, right? Well, Aaron Spelling's wealth amounted to $500 million. You do the math.
Steve Jobs
Unless you’ve been hiding out in the forests of Papua New Guinea for the last 48 years, you probably know the name Steve Jobs. Think iPad, iPhone, Apple Watch.
Why He’s Famous
In 1976, Steve Jobs co-founded Apple with Steve Wozniak. Apple. Enough said.
Kremlin.ru, CC BY 3.0, Wikimedia Commons
Steve’s Family Life
Steve had four children. Yes, four. Why, then, do we usually only hear about the three he had with his wife Lauren Powell Jobs? Well, for many years, his first child was his darkest secret.
The Secret Fourth Child
Jobs refuted having a child with his previous partner Chrisann Brennan for years. She insisted Lisa was his daughter and a paternity test eventually confirmed this. Jobs still denied it. But it gets even weirder.
Lisa Brennan-Jobs, CC BY 3.0, Wikimedia Commons
Why Deny Being a Dad Then Do This?
The bizarre fact? Before he admitted to being her father, Jobs named one of his first products after the girl who "wasn't his daughter." The desktop Apple Lisa was released in 1983. Why name a creation after a child who you had vehemently declared wasn’t yours?
Timothy Colegrove, CC BY-SA 4.0, Wikimedia Commons
Why didn’t his kids get any money?
According to several sources, Jobs didn’t feel his children needed any money. Both he and his wife decided they didn’t need to leave an inheritance as the kids were professionals in their fields. (Lisa is a writer, Reed is a managing director, Erin is an architect, and Eve is a model and an equestrian.)
Steinfurth, CC BY-SA 3.0, Wikimedia Commons
How Much Did His Kids NOT get?
After suffering a relapse of pancreatic cancer, Jobs died in 2011. He left his wife the entirety of his property and prosperity–which was $10.2 billion. Not too bad, I guess...
Tony Curtis
You may have heard of Tony Curtis. Or perhaps, more recently, of his famous daughter, Jamie Lee Curtis. What did his kids do to be ousted from his will?
Silver Screen Collection, Getty Images
Why He’s Famous
Most popular during the 1950s and 1960s Tony Curtis was an actor who appeared in over 100 films. His most famous role was probably in the movie Some Like It Hot. His mother, who allegedly beat him regularly, had also done some acting.
Paramount, Some like it hot, 1959
A Man After Henry VIII’s Heart
Tony didn’t just have one wife. Or two. Or even three. Tony Curtis was married six times!
Twentieth Century, The Boston Strangler, 1968
Lucky Number Six
Tony had six wives and six children. His sixth wife, Jill Vandenberg, was 45 years younger than him, and incredibly lucky. Why? Tony’s six kids were stunned when his will was revealed.
Tony’s Family Life
Unlike his own tumultuous bond with his parents, Tony reportedly had good relationships with his six children. He and his daughter Jamie Lee—an actor, producer, and author—worked alongside one another to fund the building of a synagogue.
Georges Biard, CC BY-SA 3.0, Wikimedia Commons
Why Didn’t Tony’s Kids Get Any Cash?
Tony had great times with his children. Why, then, did none of them get any money in his will?
How Much Did They Miss Out On?
Tony’s children received none of the $40 million he left behind. His youthful sixth wife received almost all of it. But not everyone thinks it was on the level. His children believe she unethically persuaded him to do so and denied them what was rightfully theirs.
Philip Seymour Hoffman
You may have watched Philip Seymour Hoffman in The Big Lebowski, Twister, or, more recently, The Hunger Games. In 2022 readers of Empire magazine voted him one of the 50 greatest actors of all time.
Why He’s Famous
Hoffman didn't only gain recognition for playing: “eccentrics, underdogs, and misfits.” Unfortunately, he has also gotten a lot of attention for the drug addiction that eventually killed him.
Annapurna Pictures, The Master (2012)
Philip’s Family Life
Philip and costume designer Mimi O’Donnell began dating in 2001. They had three children together. Preferring privacy, they were fairly close-lipped about kids Cooper, Tallulah, and Willa.
Close-Knit Family Ties
Philip’s offspring often joined him on set. They spent a lot of time together. Yet his last will and testament didn’t reflect this love.
Featureflash Photo Agency, Shutterstock
Why Did a Loving Dad Leave His Kids Nothing?
Philip didn’t want his progeny to be simply seen as “’trust fund kids’.” He left all his money to his on-again-off-again partner, Mimi. She will use his earnings to take care of their offspring.
How Much Was Philip’s Fortune?
Philip died of a heroin overdose in 2014. He was only 46 years old. He left behind three children, aged 14, 11, and 9–none of whom will have direct access to his $35 million fortune.
The Most Famous Example?
Perhaps the most famous and controversial example of a famous, rich person leaving nothing to their children is…
Joan Crawford
Joan Crawford danced in nightclubs and Broadway musicals. She’s best known, however, for her appearances in feature films. In 1945 she earned an Academy Award for her role in Mildred Pierce.
William Lovelace, Getty Images
Why She’s Famous
Although most recognized due to her acting skills, Joan Crawford also received posthumous notoriety for the alleged mistreatment of her children. In 1978 her eldest daughter penned a shocking book about alcohol and abuse called Mommie Dearest. It was later made into a movie.
Sunset Boulevard, Getty Images
Joan’s Family Life
Joan was unable to biologically have children. With various husbands, she adopted five—one of whom was reclaimed by his birth mother.
Family Lore Discrepancies
Joan’s eldest two children, Christina and Christopher, claim Joan was controlling and routinely assaulted them. The twins, Cathy and Cindy, denied having been abused. Who was telling the truth?
Los Angeles Times, CC BY-SA 4.0Wikimedia Commons
Why Didn’t They Get Anything?
We lost Joan Crawford to a heart attack in 1977. The twins received an inheritance. She left nothing to her eldest two kids, claiming, "it is my intention to make no provision herein for my son, Christopher, or my daughter, Christina, for reasons which are well known to them."
Studio publicity still, Wikimedia Commons
How Much Did the Twins Get?
Joan’s youngest two daughters received $77,500. This is the equivalent today of $380,000. Each.
Photo by Nat Dallinger, Wikimedia Commons
The Joan Crawford Mystery
What really happened? We may never know. Joan’s daughter didn’t write her book until AFTER her mother’s death. And yet, she and her brother were refused any inheritance BEFORE this due to reasons “well known” to them.
Unknown Author, Wikimedia Commons
Family Money Isn’t Always Family Money
People often leave their property and savings to their children. But not always. Bette Davis, Aaron Spelling, Steve Jobs, Tony Curtis, Philip Seymour Hoffman, and Joan Crawford are all proof of rich folks who left their kids with very little to nothing at all.
