The British press is abuzz with speculation that Tiger Lily Hutchence (full name - Heavenly Hiraani Tiger Lily Hutchence Geldof) will inherit “millions” when she turns 21 next week. She is the daughter of the late INXS frontman, Michael Hutchence, who died in 1997 with a net worth reportedly between “penniless” and $40 million. Tiger Lily’s mom, Paula Yates, died from a heroin overdose four years later. Tiger Lily was later adopted by Yates’ former husband, Bob Geldof, who founded Live Aid and was later knighted.
A few points, only one of them really relevant:
1. I always discourage my clients from allowing their children to inherit any money, much less “millions”, when turning 21. I advise releasing trust funds in increasing amounts over a period of years.
2. Apropos of nothing, I think it is commendable of Bob Geldof to raise the daughter of his ex-wife and the man she left him for after the little girl was orphaned.