Steve Jobs, Apple co-founder, transformed technology. He wore a black turtleneck, had a piercing stare.
He shaped culture with simple, perfect products. Jobs believed those crazy enough to change the world actually did.
He aimed to make his mark on the universe. He died in 2011, health issues in tabloids, shocking fans. Many learned of his death on devices he pioneered.
Despite his professional life, Jobs was a husband and father of four. His net worth at death was $10.2 billion.
He shrugged off wealth, saying, “Being the richest in the cemetery doesn’t matter to me.” Did he care if his kids inherited his immense wealth?
Steve Jobs had four children
Steve Jobs, as detailed in his Biography, had a total of four children. In 1978, at the age of 23, his first daughter, Lisa Brennan-Jobs, was born to his girlfriend, Chrisann Brennan.
Initially denying paternity by asserting his infertility, Jobs’ claim was eventually disproven through a DNA test.
He then began providing financial support for his daughter, but it took several years before he established a meaningful relationship with her.
The remaining three children, Reed, Erin, and Eve Jobs, were born from Steve’s marriage to Laurene Powell-Jobs on March 18, 1991.
While his relationship with these younger children was less tumultuous than with Lisa, Jobs struggled with fatherhood overall.
According to Walter Isaacson’s biography of Jobs, he formed a strong connection with Reed, but with his daughters, he often exhibited a more distant demeanor.
Jobs would occasionally focus on them, but just as frequently, he would completely disregard them when preoccupied with other matters.
The inheritance went to two people
The tycoon was diagnosed with pancreatic cancer in 2004. Five years later, he had a liver transplant operation, but it was too late and his health was too weak.
The tumor metastasized, and he couldn’t recover. October 5, 2011, marked the fateful day of his passing.
His work in technology amassed a fortune of $10.2 billion. This included $5.5 million in Apple shares and $138 million in Disney shares, as he owned 7% of the company.
Surprisingly, none of his three children received any inheritance. Only two individuals received inheritance after Steve Jobs’ death: his wife Laurene and Lisa Brennan.
Brennan, his first daughter from a previous relationship, only acknowledged him as her father after many years.
To compensate for the rejection and lack of support, the inheritance was directed solely to these two individuals.
Read more: Who can inherit if there is no will?
He didn’t believe in generational wealth
Upon succumbing to pancreatic cancer in 2011, Steve Jobs bequeathed a legacy comprising four children, his widow Laurene Powell-Jobs, and a substantial fortune that elevated her to the 35th position among the world’s wealthiest individuals by 2020.
However, the accumulation of wealth did not lead Laurene or her offspring down a path of extravagance.
In a 2020 interview with The New York Times, she articulated her belief that amassing an exorbitant fortune equivalent to the combined wealth of millions of others is inherently unjust.
She asserted, “There’s nothing fair about that.” Further expressing her stance, she declared, “I’m not interested in perpetuating a legacy of vast wealth, and my children are aware of that… Steve had no interest in such pursuits. If I live long enough, it concludes with me.”
Despite Steve Jobs’ reservations about generational wealth, he did not leave his children without provision.
As disclosed by his eldest daughter, Lisa Brennan-Jobs, in a 2018 interview with The New York Times, both she and her younger siblings inherited millions.
T Bag, J.D., LL.M. Professor of Law and Mediation Expert in Family and Siblings Property Disputes
Education:
- J.D., Conflict Resolution and Mediation, Harvard Law School
- LL.M., Estate Planning and Family Law, Yale Law School
Experience:
- Over 15 years of experience mediating complex family property disputes, including estate conflicts and business succession issues.
- Extensive background in facilitating negotiations between siblings and other family members to preserve relationships and family wealth.
- Recognized authority on the legal and psychological aspects of property disputes among family members.
Publications:
- “Mediating Family Property and Estate Conflicts: Keeping the Peace and Preserving Family Wealth” – A comprehensive guide on the advantages of mediation over litigation in family disputes.
- “Negotiating Principles of Entitlement in Sibling Property Disputes” – An analysis of entitlement principles applied in sibling conflicts over property.
Professional Affiliations:
- Member of the American Bar Association, Section of Dispute Resolution
- Fellow at the Center for the Study of Dispute Resolution, University of Missouri
Awards:
- Recipient of the Excellence in Mediation Award from the National Mediation Conference
- Honored with the Distinguished Mediator Award by the International Mediation Institute
Teaching:
- Professor of Law at the University of California, Berkeley, teaching courses on family law, estate planning, and conflict resolution.
- Guest lecturer at various law schools across the USA, sharing insights on mediating family property disputes.
Consulting:
- Provides expert consulting services to law firms and families on matters related to inheritance, property rights, and intergenerational wealth transfer.
- Advises on creating legal frameworks that minimize conflict and promote fair resolution in family property disputes.
Philosophy:
- Believes in the power of mediation to resolve conflicts while maintaining family harmony and protecting privacy.
- Advocates for creative and compassionate solutions that address the underlying emotional dynamics of family disputes.
Contact Information:
- Email: tbag@usamediationexpert.edu
- Office: Department of Law, University of California, Berkeley