Could you do a "Bill Gates"?
Posted: 27 Oct 2016, 19:47
It's reported that Bill Gates won't be leaving a penny of his billion pounds-worth of fortune to any of his 3 children. His children're said to "understand" his reasons for leaving his money to charity when he dies, and in return, Bill says that the children're getting a wonderful education which he hopes'll help them to make their own money, but there's more to it.
I see that Bill set up a charitable foundation, which'll oversee his wealth and pay out at staged intervals to the beneficiaries, so perhaps the intention's for his children to become CEOs of these charities, and still earn fabulous wages for hardly doing much at all, but my question is, if you had all the money that Bill has, would you leave your children out of your will? On a smaller scale, Paul McCartney intends to do the same. I assume that by giving to charities, there's some legal tax avoidance scheme which the uber-rich can fall back on?
I see that Bill set up a charitable foundation, which'll oversee his wealth and pay out at staged intervals to the beneficiaries, so perhaps the intention's for his children to become CEOs of these charities, and still earn fabulous wages for hardly doing much at all, but my question is, if you had all the money that Bill has, would you leave your children out of your will? On a smaller scale, Paul McCartney intends to do the same. I assume that by giving to charities, there's some legal tax avoidance scheme which the uber-rich can fall back on?