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It’s no secret that Guy Fieri has made a lot of money traveling around the country and eating great food for his TV show. He’s also hosted a game show on Food Network and gotten involved in restaurants and other ventures. Even though he’ll have a lot of wealth to leave to his children, he’s made it clear that there’s a requirement they have to meet in order to inherit what he leaves behind.
To be eligible to receive the money he’ll have left over when he passes away, both of his sons need to earn postgraduate degrees. That means a master’s degree or higher, in any subject they choose. Fieri wants to make sure they can stand on their own, and that they’re capable of making their way in the world without his help or financial support.
His father had the same view of things, in that he wasn’t going to let his children inherit from him unless they could prove themselves academically. That way, they would always have something to fall back on. Fieri’s son Hunter is already working on his MBA, while his younger son, Ryder, is still in high school. Additionally, Fieri’s nephew is pursuing a law program.
While some might be startled by the requirement, Fieri is definitely not alone when it comes to celebrities who require their children to make something of themselves on their own. Mick Jagger, Gordon Ramsey, and others have either required their children to get an education and work independently to inherit, or, in the case of Jagger, said that their money will go to charity, instead of their children.
Many celebrities who have done this still provide financial assistance to their children, but it’s much more limited than what they could provide. However, it encourages their children to learn about the world and discover who they are and what they’re capable of. That gives them important life lessons and ensures that they will be able to make their way by themselves if they ever need to. In that way, Fieri and others are providing their children with value far beyond what money could buy.
Whatever your interests or intentions, your estate planning attorney can help you create and implement strategies to bring them to fruition. Contact us to learn more today!