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Sting takes hardline approach to estate planning

Many of our Texas readers are huge Sting fans, having followed his music career for decades. While some people see nothing more than the man on stage, others realize that he has a family just like many others.

When it comes to estate planning, Sting is taking a hardline approach with his children. While some people have no problem leaving their fortune to their children, the famous musician is taking a different angle.

In a recent interview, he made it clear that he has no intention of leaving a lot of money behind to his six children. He said, "I certainly don't want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate."

The 62-year-old hopes to be alive and performing for many years to come, but he has taken the time to consider the estate planning process and how his children will be impacted down the road.

At this time, Sting is sitting on a mound of money somewhere in the range of $300 million. With this much cash, he will have some big decisions to make with his estate plan. While his children may not be the ones getting his fortune, he has made it clear that not all of it will go to charity either.

You could be a millionaire many times over like Sting or live a more modest life, but nothing changes the fact that you have to consider what will happen to your assets upon your death. A complete estate plan will help ensure that your loved ones are not burdened by your unassigned assets after you pass.

Source: The Huffington Post, "Sting Just Cut Off His Kids, But They'll Be Fine" Mark Gongloff, Jun. 23, 2014

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