Kirk Douglas, the Spartacus star passed away on February 5 at the age of 103.
The Hollywood legend accumulated a sizeable income over the years, but reports suggest his son Michael Douglas, 75, won’t even get a single penny of inheritance.
The reason is that his whole fortune will go towards good causes, with at least $50 million to be allocated through the Douglas Foundation, which aims to ‘help those who cannot otherwise help themselves’.
In an interview with The Hollywood Reporter in 2015, Douglas stated his wife Anne set up the trust 50 years before, and it had been growing ever since. In the year 2012, there was already $80 million in it, which Douglas really wanted to give away.
The actor stated:
Sometimes we didn’t have enough to eat, but very often there would be a knock at the door and it would be a hobo wanting food, and my mother always gave them something. My mother said to me: ‘You must take care of other people.’ That stayed with me.
The Douglas Foundation has a lot of beneficiaries, including the Children’s Hospital Los Angeles, Westwood’s Sinai Temple (which houses the Kirk and Anne Douglas Childhood Centre), and a St. Lawrence University scholarship for underprivileged students.
Douglas Foundation website reads:
The Douglas Foundation’s principal goal is to help those who cannot otherwise help themselves. Its primary focus is improving education and health, fostering the well-being, and most importantly developing new opportunities for the children who hold our future in their hands.
Recognizing the crisis in health care today, the Douglas Foundation also lends its support to medical research, equipment, and programs within the health system that strive to enhance the quality of care in local communities.
Douglas’ son, Michael, star of Fatal Attraction and Ant-Man, has an estimated net worth of about $300 million. Following his dad’s passing, he released the statement acknowledging his dad’s legacy as an actor from the golden age of movies while remembering him fondly, simply as his father.
He said in the statement:
“Kirk’s life was well-lived, and he leaves a legacy in film that will endure for generations to come and a history as a renowned philanthropist who worked to aid the public and bring peace to the planet. Let me end with the words I told him on his last birthday and which will always remain true. Dad – I love you so much and I am so proud to be your son.”