Paul Saganey, president of Integrated Partners, a wealth-management firm based in Massachusetts, also points to the growing popularity of incentive trusts — that is, trusts that reward the recipients based on certain factors.
Money can be provided for recipients who choose a career in the non-profit sector or in other less financially-driven paths. Moreover, professionals note that the picture is different for the generation coming of age in terms of their financial needs. Paying for a college education, as Cooper implied he would do for his son, is perhaps no longer enough. Increasingly, a graduate degree is seen as a requisite for success. And presuming a child will be able to afford a home on his or her own may no longer be a given in an era of increasing real-estate prices.
What if a grandchild is born disabled and requires a lifetime of care and assistance? Adam Oliensis, a New York actor and stand-up comic, says the money he received from his grandparents years ago enabled him to jumpstart his theater career and even produce and perform in a show on Broadway.
With that thought in mind, Oliensis, who has also worked in finance, has made sure to set aside money for his children in their post-college lives. Cornelius Vanderbilt. Ayomikun Adekaiyero.
In this article:. American journalist, television presenter and author. American businessman, philanthropist, and tycoon Cooper and his mother, Gloria Vanderbilt. Story continues. Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting. Recommended Stories. Women's Health. In The Know by Yahoo.
Rockets Wire. Yahoo Canada Style. New Jersey Herald. Men's Health. The Scene. Type keyword s to search. Bravo Getty Images. Wyatt was born via surrogacy last year and is the only child of Cooper, who co-parents Wyatt with his ex-boyfriend Benjamin Maisani. Cooper appeared on the "Morning Meeting" podcast with editors of the weekly newsletter Air Mail to talk about his new book about his ancestors, "Vanderbilt: The Rise and Fall of an American Dynasty.
Cooper's mother, Gloria Vanderbilt, was born into one of America's wealthiest families, as she was the great-great-granddaughter of Cornelius Vanderbilt, who made a fortune from building a railroad empire.
When asked about whether Cooper would leave an inheritance for his own son after researching his family history, the CNN anchor said: "I don't believe in passing on huge amounts of money. I don't know what I'll have. I'm not that interested in money, but I don't intend to have some sort of pot of gold for my son.
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