Maybe. It's all relative, I guess. If I was only getting 10 million out of 50 billion (or whatever the figure is), I'd be pissed at dad. I'm not going to lie about it. That's pretty hard to accept.
How isn't it a tax dodge? You either pay taxes upon death or you don't. Regardless if you think Gates will spend the money more prudently than Big Brother the fact is the Treasury will see zero of Buffet's estate.
I think 'tax dodge' is usually associated with ways of minimizing tax payments so that the benefit of the money stays with oneself (or one's family). Here, that's not the case. And yes, I certainly agree that the Gates' Foundation will spend the money far more efficiently than the government ever would. P.S. - Just a reminder; I am not voting for either Obama or McCain. For the first time ever, I am bringing a black magic marker into the booth, and writing in 'Ron Paul,' knowing that my ballot won't count. At some point, I have to do what is palatable, lest I begin to hate myself.
I know most ETers have little contact with people who set up private foundations. Let me part the curtains and explain this world to you., The primary reason to set up a private foundation is to dodge estate taxes. The secondary reason is to provide cush, no show jobs for all those relatives who resent your success but can be bought off for the sake of family harmony. Also, it is a good place to stash your worthless children, who otherwise might expect a job in your real business. Finally, a big foundation insures your entre into the A list social world, very important for trophy wives.
Neither the Gates' children nor Buffet's children will have jobs at the Gates Foundation, so everything you just said is basically irrelevant. If you go back and read my statements about family LLCs, you would have (or should have) realized I know a little bit about estate planning and estate tax issues. Buffet didn't set up any charitable foundation. Bill & Melinda Gates did. Buffet simply is leaving 98%+ of his wealth, by irrevocable will, to it. And, I hardly think that Warren Buffet is concerned with a trophy wife, do you?
Warren Buffet to me is a man who knows how to make alot of money from stress in the market. He knows when someone is down so low that he can help them, and he can help himself to more money by helping them. This is not from the kindness of his heart, but more to make money and feel good about how he made that money. Now he is at the end of life. He is not stupid and not denying this fact. So he lived his life with security of knowing he can do whatever he wants. Maybe he did not live like a King, but in his mind he had the comfort of knowing he could live and have anything he wanted if he wanted it. So now he knows at end of life this wealth for him isn't important anymore. So he becomes very charitable, and that is nice. But don't forget as a young man he was greedy. He looked after himself. Maybe now its not worth so much to him because his time is gone.
OK, I'm going to get bashed for this but Buffet, like most jews, vote democrat. That's a statistical fact. Buffet, has never voted republican in his entire life. He was a card carrying democrat since childhoood. There is no surprise here. That is why he was fundraising for BOTH Hilary and Barrack. And for those of you sucking on his tit, why don't you ask him why one of his daughters changed her last name and left the family. He refuses to acknowledge her existance. Thanks Dad. Why you ask? Because she was part of a documentary exposing the super rich for what they really are. And good old dad was one of the stars. Yeah, class act. Next topic please. Edit: Nicole Buffet is his son's daughter, not his. Just a correction. Btw, the name of the documentary is "the one percent". I suggest you watch it BLSH. http://www.imdb.com/title/tt0819791/
Many wealthy parents leave most of there fortune to foundations. They take care of their children in a relatively modest way, then donate the largest share. Buffet certainly has a strong belief in private sector charity. He chose gates because of low administration costs To bad he feels the rest of us paupers need to give more to the government.
Wow, that is retarded. Buffet will pay estate taxes on his estate. He's not dodging taxes. The money he is giving away no longer belongs to him or to his estate or to his heirs. That's what "giving away" means. By what possible moral or legal imperative should Warren Buffet owe taxes on other people's money? Martin