Estate Planning

Inheritance is a valuable asset that can be used to increase personal wealth if managed carefully. Here are some ways to leverage an inheritance to increase personal wealth:

1. Pay off debts: One of the best ways to use inheritance is to pay off debts. This can include credit card debt, student loans, and even mortgages. By paying off debt, you can improve your credit score, reduce your monthly expenses, and free up cash flow to invest in other wealth-building opportunities.
2. Invest in stocks or real estate: Investing in stocks or real estate can be a great way to grow your wealth over time. By using inheritance to invest in high-performing stocks or real estate, you can potentially earn significant returns on your investment.
3. Start a business: If you’ve always dreamed of starting your own business, an inheritance can provide the necessary capital to get started. Starting a business can be a great way to increase personal wealth and create a steady stream of income.
4. Build an emergency fund: Having an emergency fund can provide a safety net in the event of unexpected expenses or income loss. Using inheritance to build an emergency fund can help you avoid going into debt when unexpected expenses arise.
5. Invest in education: Investing in education can be a great way to increase earning potential and build wealth over time. Using inheritance to pay for higher education, professional certifications, or training programs can provide valuable skills and knowledge that can lead to higher paying jobs and increased income.

There are some more options to look at here.

Chris Cornell was a well-known American musician and singer-songwriter, best known as the lead vocalist for the bands Soundgarden and Audioslave. When he passed away in 2017, he left behind a significant estate that became the subject of a legal battle.

After Cornell’s death, his widow, Vicky Cornell, was named the executor of his estate, which was estimated to be worth around $20 million. However, Cornell’s children from a previous marriage, Lily and Christopher, filed a lawsuit against Vicky, alleging that she had mismanaged and stolen funds from the estate.

The lawsuit claimed that Vicky had withheld certain personal items of Cornell’s from his children, sold Cornell’s music catalog without their consent, and had also taken money from a charity foundation that was established in Cornell’s name. Vicky denied the allegations and countersued, claiming that Cornell’s children were spreading false information about her.

The legal battle continued for several years, with both parties making various claims and counterclaims. However, in 2020, the case was settled out of court, with Vicky and Cornell’s children agreeing to a confidential settlement.

The settlement resolved the legal battle over Cornell’s estate, and it is not known what the terms of the agreement were. However, the case highlighted the importance of having a clear and comprehensive estate plan, especially when there are multiple heirs involved.

We’ve often posted about the relatives and friends of late celebrities (such as Prince and Robin Williams), who have clashed with each other in court over vast sums of money. There’s another battle brewing in court, and this time it’s over the estate of late Chris Cornell, a musician from the band, Soundgarden:

Inside the battle over the late Chris Cornell’s estate.

Hong Kong is known for it’s spiraling towers that dwarf the sky. It is also very expensive to live in. Centaline Group is a leading real estate agency in Hong Kong that provides a wide range of real estate services, including property sales and leasing, property management, and valuation services. The company was founded in 1978 and has since grown to become one of the largest and most established real estate agencies in Hong Kong.

Centaline Group has a large network of branches and sales offices throughout Hong Kong, and also operates in mainland China and overseas markets. The company is known for its innovative use of technology, including its online property platform, which allows customers to search for and view properties from anywhere, at any time.

In addition to its real estate services, Centaline Group also offers financial services such as mortgage brokerage, insurance, and wealth management. The company is committed to providing a high level of customer service and has won numerous awards and accolades for its performance in the real estate industry.

What does all of this have to do with inheritance? Alex Shih is the son of Wing-Ching Shih who is the founder of Centaline Property Agency Limited. Shih donated his share of the company his $US400 million ($A564 million) around 10 years ago. This is similar to other celebrity parents who have left their children nothing and donated everything to charity. People like the elder Shih want their children to be humble and their actions reflect that. However, Shih’s children no doubt have a vast wealth of resources and connections to fall back on. They will be setup for life, even without the money, as their father no doubt paid for their education and they have a network of people to rely on for future job offers. 

The heir to a real estate magnate isn’t getting a dime of his father’s $400 million dollar fortune, but there are no HARD FEELINGS OVER IT!