Anderson Cooper Will Not Leave A Lot of Money to His Sin

[+ Pensant]

With due respect, who really gives a f… about this faux imbroglio?

[+ WilliamM]

10 hours ago, Luv2play said:

I imagine Cooper got a healthy advance from the publisher as he has a household name which overcomes his lack of a reputation as an author. If the book is a success, it will maybe pave the way for future books.

There is always the great hope that Gloria  assumed Anderson would end with Andy Cohen in the end

[HotWhiteThirties]

21 hours ago, BnaC said:

Good point.  The trust I’ve set for my children and grandchildren only allows them to (excluding education expenses) receive income from the trust up to the amount that they earn themselves.  Inheritance can double their income, it can’t replace it.  

I like this concept. The trust I have set up for my heirs releases as they age, but eventually releases the principle to them once they reach middle age. The idea of a match of their income as an alternative or as part of the parameters is an idea for consideration. I may be making some changes. 🤔

[Guest]

55 minutes ago, HotWhiteThirties said:

I like this concept. The trust I have set up for my heirs releases as they age, but eventually releases the principle to them once they reach middle age. The idea of a match of their income as an alternative or as part of the parameters is an idea for consideration. I may be making some changes. 🤔

It depends on their talents and characters. I know people who are more talented as artists and won't get rich. It doesn't mean that they're lazy or not dedicated. Likewise, I know someone whose particular talent has made him a lot of money, but who doesn't necessarily have such a wonderful work ethic or even ethics in general. Many people who've made lots of money aren't necessarily wonderful people. To simply match someone's income seems to say you're equating their worth in your eyes to their financial success rather than to who they are as a person. 

An artist (or a drag queen, etc.) has a lot of talents I lack. I admire people for their talent, hard work, and honesty. I greatly admire artists, athletes, drag queens, and so on.  If anything, I'd be more generous towards someone who was hardworking, dedicated, and badly off financially. An income-match provision in my trust (or will) seems cold-hearted to me. And it's not how I want to be remembered. 

[wsc]

This could fatal for the poor child. Without an inherited fortune, he would have to work for a living, and as we all know, the Bible teaches, "The wages of Sin is Death."

[HotWhiteThirties]

5 hours ago, Unicorn said:

It depends on their talents and characters. I know people who are more talented as artists and won't get rich. It doesn't mean that they're lazy or not dedicated. Likewise, I know someone whose particular talent has made him a lot of money, but who doesn't necessarily have such a wonderful work ethic or even ethics in general. Many people who've made lots of money aren't necessarily wonderful people. To simply match someone's income seems to say you're equating their worth in your eyes to their financial success rather than to who they are as a person. 

An artist (or a drag queen, etc.) has a lot of talents I lack. I admire people for their talent, hard work, and honesty. I greatly admire artists, athletes, drag queens, and so on.  If anything, I'd be more generous towards someone who was hardworking, dedicated, and badly off financially. An income-match provision in my trust (or will) seems cold-hearted to me. And it's not how I want to be remembered. 

Good point. I don't think it's all one way or the other though. There are some important reasons and worthwhile ones to setting up a trust with such parameters. Hopefully one is leaving such resources to heirs they have invested and spent time knowing. In my case, the love I have for my children will have been declared and known in my life with them and hopefully the testimony of that will not stand solely in what I leave behind or how I leave it. What is left to them, I hope, will be a blessing and not a curse. The truth is, it is far more likely in my observation, that it can be a curse without some thought into how the trust is set up. So, while your points are certainly very valid, and certainly don't wish to equate worth with income, we do live in a society where income generation is important for survival...and that is certainly a skill that I want my children and heirs to have incentive to develop. Thanks for your insights, though, they help balance the thought process I am having. 

Edited September 30, 2021 by HotWhiteThirties

[Luv2play]

A great tale of dissipated family wealth different than the Vanderbilt's story is that of the Harriman railroad fortune, which also lasted only three generations. The grandfather rose from being a railway clerk to owner of one of the great American railways of the 19th century. His son, Averell Harriman, became a famous politician and diplomat serving as FDRs man in Moscow during WWII.

Later he married Pamela Digby Churchill Hayward and she went through a large portion of his money in less than 20 years.

[+ Vegas_Millennial]

I want to know what is Anderson Cooper's sin.  It must be a dilly, for people to gossip about whether to leave money to it or not

[Guest]

6 hours ago, HotWhiteThirties said:

...In my case, the love I have for my children will have been declared and known in my life with them and hopefully the testimony of that will not stand solely in what I leave behind or how I leave it. What is left to them, I hope, will be a blessing and not a curse.... 

What is left to one's heirs should always be a blessing, and I can only think it wouldn't be if the heir were to use the money for a self-destructive purpose, such as substance abuse (which would shorten the recipient's life). I don't know how old your children are--or, specifically whether or not they've demonstrated where their talents lie. Much of one's talents may be genetic. I thought I was one of the first physicians in my family until I found out, about 3 years ago, that my biological father was, in fact, a physician himself (my mother's physician, as it turns out). 

As I watch gymnastics (or other sports) on TV, or RuPaul's Drag Race, I realize these people have more talent in their vocations than I have in my left pinky. But these people would probably also make lousy physicians, and would also likely be miserable doing that. Yet in Drag Race, these queens go through extreme efforts just for the chance to make $100,000, something I used to make in 4 months routinely. You wouldn't want your children to lead miserable lives just to make more money, would you?

I don't have any children, but if I did I would probably be inclined, if anything, to give the less well-off child more, assuming the relative poverty weren't due to child's lack of application to his talents (and especially if the poverty weren't due to self-destructive behavior). Actually, I'd probably want to leave each child an equal share. I remember a cousin of mine telling me how hurt she was when she received less than her brother from her parents. She vowed to leave things equally to her children "down to the last cent." 

[Merboy]

He's the very epitome of the Bourgeoisie.  They'll screw over their own before they screw over a black couple looking to rent one of their luxury high-end condos.

[+ WilliamM]

8 hours ago, Unicorn said:

What is left to one's heirs should always be a blessing, and I can only think it wouldn't be if the heir were to use the money for a self-destructive purpose, such as substance abuse (which would shorten the recipient's life). I don't know how old your children are--or, specifically whether or not they've demonstrated where their talents lie. Much of one's talents may be genetic. I thought I was one of the first physicians in my family until I found out, about 3 years ago, that my biological father was, in fact, a physician himself (my mother's physician, as it turns out). 

As I watch gymnastics (or other sports) on TV, or RuPaul's Drag Race, I realize these people have more talent in their vocations than I have in my left pinky. But these people would probably also make lousy physicians, and would also likely be miserable doing that. Yet in Drag Race, these queens go through extreme efforts just for the chance to make $100,000, something I used to make in 4 months routinely. You wouldn't want your children to lead miserable lives just to make more money, would you?

I don't have any children, but if I did I would probably be inclined, if anything, to give the less well-off child more, assuming the relative poverty weren't due to child's lack of application to his talents (and especially if the poverty weren't due to self-destructive behavior). Actually, I'd probably want to leave each child an equal share. I remember a cousin of mine telling me how hurt she was when she received less than her brother from her parents. She vowed to leave things equally to her children "down to the last cent." 

Perhaps too much information, @Unicorn  concerning your income

Edited October 1, 2021 by WilliamM

[+ WilliamM]

On 9/29/2021 at 11:38 AM, Luv2play said:

Your premise is wrong. As Anderson said in his interview and as he apparently stated in his book ( I only read the review, not the book), his parents sat him down at an early age and told him there would be no pot of money waiting for him at 21. The Vanderbilt fortune was depleted to non existence. 
 

His father Wyatt Cooper came from a poor farm family in Mississippi. His mother only had the Vanderbilt name. Anderson himself is making big money as a TV journalist and media darling. He will no doubt have the means to establish some sort of trust for his son, which he would be advised to do early as he is already 50 years old and may not live to see his son graduate from university ( his father died young). But the trust fund would not be in the same league as one in the Rockefeller or many of the old three or four generation families in America of vast wealth.

If you want to read a hilarious book about trust fund babies, Kurt Vonnegut’s God Bless You, Mr. Rosewater, will amuse.

Gloria Vanderbilt made millions of dollars with  her  jans and books. Fine, but as been stated he went to the best schools and including Yale 

Anderson lost his dad and his older brother when he was quite young.

[Guest]

5 hours ago, WilliamM said:

Perhaps too much information, @Unicorn  concerning your income

It’s well known what doctors make on average.  He’s not flaunting.  

[BSR]

1 hour ago, BnaC said:

It’s well known what doctors make on average.  He’s not flaunting.  

If a person revealed how much someone else earned, that would be inappropriate.  If a board member wants to reveal how much he himself earns, hey, that's up to him.  

[+ WilliamM]

6 hours ago, BSR said:

If a person revealed how much someone else earned, that would be inappropriate.  If a board member wants to reveal how much he himself earns, hey, that's up to him.  

In that same post @Unicorn told us his dad was also a doctor

[arnie]

I believe Bill Gates also does not plan to leave a lot of money to his kids, also the Walmart family.  It is not uncommon.  While these kids receive top flight educations and lots of perks, they are intangible, they can not spend them.  It is known that trust fund kids can have a hard time finding value in themselves.  It is not that these kids will be destitute but does anyone need more that a million or two in the bank?  It is only after you have to make hard decisions, like a Porsche or two weeks in Cannes, that one gets to appreciate money.  What a Camry or Myrtle Beach, these kids unless they blow it, which they can are never down to this level.  What can too much money do? Think Paris Hilton!

But these kids, inheriting millions or not are well set up to make their way successfully.   Self esteem and personal satisfaction in what you do get you happiness, not millions in the bank and maybe Anderson is wise enough to appreciate this.  

 

[MikeBiDude]

Warren Buffet as well.

8 hours ago, arnie said:

I believe Bill Gates also does not plan to leave a lot of money to his kids, also the Walmart family.  It is not uncommon. 

 

 

[Walker1]

This new concept sounds dumb. These kids are born in the lap of luxury , travel in private jets. Best thing is set up a trust fund and slowly train them to manage it and wean them off the parents. But to learn to live with trust fund or if they are talented help run some business or something.

 

it is not like the rest of us who grow up and take great joy at purchasing a small apartment. I was so happy when I bought my first used car -for 3,000 bucks. That thing gave me another 100,000 miles with barely any issues-then suddenly fell apart. It was a great achivement for me. How is a kid who grew up flying private jets and servants etc be happy saving up and buying a used car?

 

It is what it is-have some compassion for the kid's condition and help set them up for adult life.

[Guest]

9 hours ago, arnie said:

I believe Bill Gates also does not plan to leave a lot of money to his kids, also the Walmart family. ...

 

From what I've heard, they'll be leaving them millions, not billions. That I'm more OK with. Bill Gates also donates a huge portion of his income to charity. But he expects his children to live much more modestly than he does. Obviously his children would be unlikely to ever come close to matching his fortune. 

[+ WilliamM]

15 minutes ago, Unicorn said:

From what I've heard, they'll be leaving them millions, not billions. That I'm more OK with. Bill Gates also donates a huge portion of his income to charity. But he expects his children to live much more modestly than he does. Obviously his children would be unlikely to ever come close to matching his fortune. 

 Bit surprised this thread/discussion has been relatively successful given  the Vanderbilt family is ancient history.

Watched an A&E biography of Gloria Vanderbilt. Give her credit for doing live television dramas in the early 1950s. The thing is who knew she was an actress? 

 

Why would anyone buy Anderson Cooper's book,?

 

Better choice would have been a brief role in The Many Saints of Newark - after all his mom briefly dated Frank Sinatra- Anderson Cooper in a lawyer role for the Jersey mob - seems right..

And Anderson would have even more money to not leave to his son