dailynewsnblog
Following John Arnold, I posted earlier about how European laws often require wealthy people to give most of their wealth to their children. Here is an example:
Pierre-Edouard Sterin, founder of Smartbox and worth about €1.4 billion, told French senators he wants to disinherit his five children and donate everything to charity. French law, under the Napoleonic Code, mandates that with five children, three-quarters of his estate must go to them, leaving only one quarter freely disposable. Sterin argued for complete freedom to decide the fate of one’s assets, saying it is ‘a real freedom to start with nothing in life’.
