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Gates, Sting, other celebrities plan on stiffing their kids

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Super rich preach self-reliance

They're rock stars, business tycoons and billionaire investors. They're media moguls, politicians and Oscar-winning directors.

And while their fortunes were derived in vastly different ways, they share the common belief that unearned wealth gained via trust funds can sap young minds of the desire to pursue their own passions.

"The thinking behind that is very sound," said Susan Bradley, founder of the Sudden Money Institute. "The super rich are not rich in isolation.

"They know other super-rich families, and there's a sharing of best practices and good ideas," she added. "They inspire each other, but they also know some of the legacies and history."

Indeed, many who have inherited millions felt burdened. And far too many were crushed under the weight of their wealth. The following fraternity of famous parents—including KISS bassist Gene Simmons, "Star Wars" creator George Lucas, rock-and-roll hall-of-famer Sting and business billionaire Michael Bloomberg—aren't about to let that happen. In fact, they're cutting their kids (mostly) out of their will.


By Shelly Schwartz, special to CNBC.com
Posted 27 June 2015

Dominik Pabis | Getty Images