“I will give away virtually all my wealth”: The Microsoft billionaire has pledged his foundation will distribute $US200 billion over the next 20 years.
I mean if I want my next of kin/whoever to get my money, it’s better to do it while alive when you can get creative with the accounting. Especially when you’ve got Gates money and setting up something like a nonprofit is relatively easy.
Once you’re dead and you’ve got this lump declared assets you’re trying to pass on that Uncle Sam will take up to like 40% of.
This is him avoiding estate taxes, change my mind.
How much would his estate taxes be vs giving up 99% of his fortune?
I mean if I want my next of kin/whoever to get my money, it’s better to do it while alive when you can get creative with the accounting. Especially when you’ve got Gates money and setting up something like a nonprofit is relatively easy.
Once you’re dead and you’ve got this lump declared assets you’re trying to pass on that Uncle Sam will take up to like 40% of.
If only there was some way to see what the non-profit was doing, some kind of third party auditor or something.