Estate Planning

Gina Reinhart– The Richest Australian Chooses To Disinherit

You might have just recently heard the news out of Australia about the country’s richest woman, Gina Reinhart and her legal battle with her children over her decision to disinherit them from the family fortune. Ms. Reinhart is the beneficiary to her daddy’s iron ore organisation approximated to be worth about $18 billion.

The details of the circumstance are somewhat complicated, however the story highlights an all too common circumstance where a parent wishes to disinherit his or her children.
This inheritance problem is more common than you may think. There is no state law that requires a moms and dad to leave an inheritance to an adult child, though there are some exceptions for minor kids. There are any number of reasons that a moms and dad might pick to disinherit a kid, however household disputes and a parent’s belief that the kid will not have the ability to adequately handle the wealth are extremely typical factors.

Gina Reinhart-- The Richest Australian Chooses To DisinheritMs. Reinhart is not alone in her status as a rich or popular person who wants to disinherit her children. Take, for example, actress Joan Crawford. The topic of the movie Mommy Dearest notoriously cut two of her 4 adopted children out of her estate, while leaving the two others about $70,000 each. Another star, Tony Curtis, picked not to leave anything to any of his 5 kids, including his child starlet Jamie Lee Curtis.
After Michael Jackson’s death, it was exposed that he made no arrangement for his dad or any of his siblings and sisters in his last Will. While he did call his kids and his mom as a beneficiary of a trust he developed, everyone else in his household was disinherited.