Should She Neutralize Her Ex's Estate Plan?

Query to The Ethicist in The New York Times magazine:

I am divorced. I recently learned from one of my children that my ex is leaving them uneven shares of his wealth. He’s leaving less to our son, the child he dislikes. His rationale is that this particular child has poor money-management skills 

My will, so far, is divided evenly. As I’ve told my children repeatedly, I love them equally, and I want this love reflected in my will.  

Should I change it to give more to the child disliked by his father, in order that the children come out more or less equal? Would the other child, our daughter, feel slighted and less loved?

Yes, use your will to equalize things, rules The Ethicist, and explain your strategy to your daughter.

As for the son's lack of money-management skills, "you can solve that problem (as your ex-husband could have) by putting the money in a trust."

Wealth is just luck?

I was very surprised to read this article in MIT's Technology Review: If you're so smart, why aren't you rich?  Turns out it's just chance.

It's a report on a computer simulation done it Italy that purports to show that luck is more important than intelligence, social skills or talent in acquiring wealth.  The problem with computer "simulations" is that the biases are built into the algorithms at the outset.  As with statistics, you can manipulate your way to any result you wish.  The report is an attempt to put an academic gloss on the left-wing economics the "you didn't build that" crowd is always spouting.

I was thinking of doing an article on it, but I'm afraid it would be too political.  Perhaps I could include it as a "Dangerous Idea" in an article that includes a couple other odd notions? 

I've always understood the definition of "luck" to be when preparation meets opportunity.  I'm confident that the Italians did not define it that way, but as random chance.

A big surprise on the revenue front

April was the best month in history for the federal government, according to the CBO.  Revenue exceeding expenses by a record $218 billion.

Could this be attributable to the December tax reform?

Private Equity: The Bigger They Come...

Theranos and founder Elizabeth Holmes raised $700 million from mostly wealthy investors without ever having to provide financial statements audited by an independent public accounting firm.

–Marketwatch

Rarely have so many high-profile figures been known to have lost so much money on a single investment.

 –The Wall Street Journal

Investors who lost hugely on Theranos, the company built around a magically simple blood test that didn't work, include the family of Education Secretary Betsy DeVos, Walton heirs, Rupert Murdoch and Mexican tycoon Carlos Slim.

Although Theranos' big-name investors lost plenty – the Walton family had invested $150 million – presumably their standard of living will not be affected. Mere millionaires who jumped at the chance to invest along with the big shots may not shrug off their losses so easily.

Should Brits Kill Their Death Tax?

The Resolution Foundation believes the UK inheritance tax should be abolished. Potential heirs should not celebrate. The foundation wants the inheritance tax replaced with a Lifetime Receipts Tax. This levy, to be paid by the receipients of gifts, would be imposed cumulatively on gifts over £3000 at rates of 20 or 30 percent. The first £125,000 a Brit received would be exempt.

The present inheritance tax has a 40 percent rate.