#Inheritance #Wealth #Charity #Family #Generosity
Have you ever wondered why some wealthy individuals announce their intention to leave their entire fortune to charitable causes rather than passing it down to their children? Let’s uncover the reasons behind this intriguing decision! 🤔💰
Reasons for Leaving Wealth to Charity
1. **Philanthropic Values**: Some affluent individuals prioritize giving back to society and supporting causes they are passionate about over leaving their wealth to their children.
2. **Legacy and Impact**: By leaving a substantial portion of their estate to charity, affluent individuals aim to create a lasting impact and legacy that extends beyond their immediate family.
3. **Avoiding Entitlement**: Wealthy parents may worry about their children becoming entitled or lazy if they inherit a significant sum of money, leading them to prefer leaving it to charity instead.
Real-Life Examples
1. **Warren Buffett**: The renowned investor and philanthropist announced that he would donate the majority of his wealth to charity, including the Bill and Melinda Gates Foundation, rather than passing it down to his children.
2. **Mark Zuckerberg**: The Facebook co-founder and CEO, along with his wife Priscilla Chan, pledged to donate 99% of their Facebook shares to charitable causes through the Chan Zuckerberg Initiative.
Final Thoughts
While the decision to leave wealth to charity instead of one’s children may seem surprising to some, it often reflects values of generosity, impact, and a desire to avoid potential pitfalls associated with inherited wealth. Ultimately, each individual’s choice regarding inheritance is deeply personal and influenced by a variety of factors.
Remember, it’s not just about the money we leave behind, but the values and impact we instill in future generations and society as a whole! 💪🌟 #GenerationalWealth #Values #Impact 🌍
Do you have an example? Maybe they feel like they already gave their kids enough and other people need it more. Maybe they want their kids to learn to be self-reliant.
If I had to guess, it’s because the kids are already in a place where another few hundred million or couple billion doesn’t actually mean anything. It’s not like rich people’s kids tend to be in low paying careers.
Because they believe – rightfully so – that their kids should be able to earn enough money to survive just fine, whereas charities serve to help those who are unable to support themselves.
It could be any number of reasons. Maybe they just want to state their intentions publicly to secure some kind of legacy before they go, while quietly setting up a trust for their kids.
Their kids might be well of enough already.
Often times, it’s not simply about money—some of these magnates might be trying to instill a sense of responsibility and purpose. A massive inheritance can sometimes stifle ambition and contribute to a lack of direction. Diverting funds to charity could be their way of making sure their wealth serves a broader impact while encouraging their progeny to forge their own paths and contribute to society in meaningful ways.
Some people have horrible children, even rich people.
Because they don’t want to raise trust fund babies… gotta work for themselves
There’s ways to transfer money outside a will. They are not leaving their children destitute. Besides all the benefits of networking, education, help with expenses during their lives I would be shocked if there aren’t trusts set up.
It’s mostly empty claims. If they truly didn’t want to give their kids an advantage they wouldn’t help them with their careers either. SG has at least three kids who are acting, do you think that’s a coincidence? A lot of the privilege comes from contacts and status. If I get you a breakthrough role in a movie as a young actor, does it really matter if then I don’t also leave you many millions?
Their idea of ‘nothing’ is pretty different to ours. They intend to give their children an amount that will leave them secure and stable enough to pursue their own path, but not enough to live off without ever putting any effort in.
guess they figured their kids were already spoiled enough. LOL
By leaving everything to a charity their family has control over, they can avoid inheritance tax.
Patagonia’s founder did this when he donated the company to a charity that his kids were on the board of directors for. He gets a huge tax write off, and the assets stay under the family control indefinitely.
Maybe their kids are entitled cunts?
Edit: no hate, im just saying!
All humans view themselves as the good guy. Even Hitler thought he was being a hero.
But often their actions don’t match what a good person would do, ie hoarding lots of resources while other starve to death.
So they invented philanthropy. They give back a fraction of their gains and declare themselves good.
Then they pretend their kids won’t inherit anything. But in many cases the money gets left to a charitable organisation which is run by the kids.
The kids have everything they need or want, any opportunity they want, and the experience required to do whatever. And then they get left a “small amount” like 20 million.
This also avoids estate tax. When they die all their assets are owned by the “charity” so they don’t lose 40%
Basically its all bs.
I’m leaving all my money to Charity. She works at the Kit Kat club by the airport
Because the name and connections alone will be enough for them to make a good living and will not need the money. Also, they still typically have a trust established that has been making them money before or around birth.
Kids who grow up with silver spoons don’t learn how to be self reliant.
Because they prob grew up w nothing too – made it all themselves – w little to no family who deserves a penny.
They don’t want their kids to be spoiled.
Trust me they ain’t hurting. Just means the bulk of the money is going to charity. I’m sure Jr is or has gotten a few million dollars. Enough to get them started but not enough to keep them not working. They want them to be successful not leeches.
Usually those kids already have trust fund set up. They don’t need an inheritance. They’ve been filthy stinking rich ever since they became adults. And inheritance always bring out the absolute worst in families. It can quite literally tear them apart. Giving it away can prevent that.
And of course, it’s easy to be altruistic when you’re already dead. I hope Bill Gates leaves us all something when he goes. Unlike Jobs. Good luck finding a fruit smoothie in hell, asshole!
These people are so rich even less than 1% of their net worth to their kids is winning the lottery money for you and me. Kids will be fine.
Because often by the time the rich person would die they’ve already set their children up for success. They’ve used their wealth to get their children a good education and their connections to get them good jobs. So often their children have very successful and high paying careers of their own. Especially if they are inheriting a business from their parents. In that case the cash the parent has on hand is immaterial to the financial stability of the children.
Those rich people might believe in philanthropy,,, but others may think that having the wealth of their parents may affect their work ethics.
they put money into accounts when they are still kids
Because their children feel some type of entitlement to their parents earning? That money isn’t theirs. It’s their parents. Period.
If I was rich and had kids, I wouldn’t just give it all to them either. I would give them something, but not enough for them to sit on their asses the rest of their lives like spoiled silver spoon kids. I would want them to make some kind of positive contributions to society. I would give them enough to live comfortably while doing so.