Man wins Mega Billions Jackpot

[BCClone]

Well he's donating 99.96% of his wealth then.

Yea the kids are not gonna suffer and they'll probably always have the Foundation to fall back on if their endeavors fail. But you have to give the Gates a little credit in trying to have the kids forge their own path

Not knocking them. Think it admirable that they are donating such a percentage. I remember tori spelling got 1 MM from her dads and that gave her a few issues. 10 MM locks you in for a good 500k with even mediocre investing so it makes sure they have a solid start.

My sister works for a foundation in a similar situation but further down the chain from the founder. She told me about how these foundations still pay out LARGE sums to the family heirs and most people never know. Not saying it happens here, but at minimum they can probably be directors and pull a couple million a year just from that. A problem I wish I had.

 

[ISUTex]

Bill Gates is donating most of his fortune to the Bill and Melinda Gates Foundation for charitable work just like Warren Buffett is doing. I am sure he will still take care of his 3 kids but it won't be 30+Billion to each...

I know. They will probably only end up with a billion or so. Freaking cheapskate parents.

 

[mdk2isu]

I've been told the wealthy are all self made, since that must be true we apparently already have a 100% estate tax so nothing to worry about.

Most are. Of course there are a handful that inherit millions, but compared to the number that come from significantly less, that number in miniscule.

 

[jcisuclones]

I think I read somewhere that Warren Buffett isn’t giving his kids anything. All going to either his foundation or to charity. One of the two.

 

[c.y.c.l.o.n.e.s]

These foundations are a way for them to avoid paying billions of dollars in income tax and capital gains taxes while they are alive and will probably allow them to pay little to no estate taxes when they die.

https://www.forbes.com/sites/pagesn...nefits-of-doing-the-right-thing/#4d9753f33020

 

[mdk2isu]

Most are. Of course there are a handful that inherit millions, but compared to the number that come from significantly less, that number in miniscule.

Just for you @HFCS since you thought my comment about most wealthy people not being wealthy because of an inheritance.

https://www.daveramsey.com/research/the-national-study-of-millionaires

Flame away Dave Ramsey haters, but you cant ignore the evidence.

 

[CloneFan4]

Good work my man. It's not like she is ugly either.

https://www.foxnews.com/entertainme...ngaged-reportedly-has-massive-engagement-ring

You have set a low bar there

 

[ArgentCy]

Not knocking them. Think it admirable that they are donating such a percentage. I remember tori spelling got 1 MM from her dads and that gave her a few issues. 10 MM locks you in for a good 500k with even mediocre investing so it makes sure they have a solid start.

My sister works for a foundation in a similar situation but further down the chain from the founder. She told me about how these foundations still pay out LARGE sums to the family heirs and most people never know. Not saying it happens here, but at minimum they can probably be directors and pull a couple million a year just from that. A problem I wish I had.

Yeah, they are doing this for pure charity. They are trying to set themselves and the family up for generations of wealth. Couple others already noted the difference. Plus, an added bonus is they get to try and claim they "gave away" almost all of their money.

 

[jmb]

I think I read somewhere that Warren Buffett isn’t giving his kids anything. All going to either his foundation or to charity. One of the two.

false

 

[HFCS]

Just for you @HFCS since you thought my comment about most wealthy people not being wealthy because of an inheritance.

https://www.daveramsey.com/research/the-national-study-of-millionaires

Flame away Dave Ramsey haters, but you cant ignore the evidence.

So your argument is that zero wealthy people have children? Or do you think the estate tax is already at 100% with no loopholes?

It doesn't pass the most basic logical analysis.

I live in mid city LA. The idea that all the wealthy people made it on their own is probably the most stupid thing I've heard in my life. These are some of the laziest slugs you will ever see on the planet.

I'm not talking about somebody with a $800,000 home in the midwest that couldn't buy a studio apartment in New York. I'm talking about actual wealth. Again unless you suggest all wealthy people are sterile and can't have children the argument is pretty ridiculous.

 

[jmb]

These foundations are a way for them to avoid paying billions of dollars in income tax and capital gains taxes while they are alive and will probably allow them to pay little to no estate taxes when they die.

https://www.forbes.com/sites/pagesn...nefits-of-doing-the-right-thing/#4d9753f33020

Yes. What a sinister plan. They donate money that ultimatley they no longer have access to other than nominal salaries. The diligence required when filing a 990 is not small. There really is significant oversight in most organizations to preclude private inurement. This is not saying none happens but nothing like most want to believe.

 

[ISUCyclones2015]

These foundations are a way for them to avoid paying billions of dollars in income tax and capital gains taxes while they are alive and will probably allow them to pay little to no estate taxes when they die.

https://www.forbes.com/sites/pagesn...nefits-of-doing-the-right-thing/#4d9753f33020

Yea let's discourage them from doing anything!

https://www.theguardian.com/world/2...ropy-warren-buffett-vaccines-infant-mortality

122million lives ain't no joke

 

[Boxerdaddy]

The comments section on that article though.. woof.

Mental note: never click on a Fox News link again.

 

[BCClone]

Yes. What a sinister plan. They donate money that ultimatley they no longer have access to other than nominal salaries. The diligence required when filing a 990 is not small. There really is significant oversight in most organizations to preclude private inurement. This is not saying none happens but nothing like most want to believe.

Lol, little off with no private benefit or even little benefit for some of these.

 

[mywayorcyway]

Just for you @HFCS since you thought my comment about most wealthy people not being wealthy because of an inheritance.

https://www.daveramsey.com/research/the-national-study-of-millionaires

Flame away Dave Ramsey haters, but you cant ignore the evidence.

Interesting article. While a million dollars is certainly a significant sum of money, that used to be the benchmark for "rich". I no longer think that is the case. I'm 43 and I don't think I could maintain my middle class lifestyle for another 40 years if I had a million dollars today. I don't want for anything (aside from the absurd) and I also don't spend extravagantly. I put away a big chunk of what I earn. I could probably pull it off if I didn't have a mortgage. 2 million? No problem.

Any inheritance I receive is going to be meager and I don't consider it in any future planning.

 

[jmb]

So your argument is that zero wealthy people have children? Or do you think the estate tax is already at 100% with no loopholes?

It doesn't pass the most basic logical analysis.

I live in mid city LA. The idea that all the wealthy people made it on their own is probably the most stupid thing I've heard in my life. These are some of the laziest slugs you will ever see on the planet.

I'm not talking about somebody with a $800,000 home in the midwest that couldn't buy a studio apartment in New York. I'm talking about actual wealth. Again unless you suggest all wealthy people are sterile and can't have children the argument is pretty ridiculous.

Generation Skipping Trusts
Intentionally Defective Grantor Trusts
Discounting of Closely Held Businesses
ILITS
Private Annuity Trusts
FLP discounting
GRATs reGratting GRATS
831b's
Family Foundations et al.

These are just a few ways those of that serve those families that have this kind of money. That said with the state of estate taxes now there are very few people paying estate taxes now. I can't remember the exact number for 2018 but I am fairly certain it was less than 1500 families in 2019.

 

[jmb]

Lol, little off with no private benefit or even little benefit for some of these.

?

 

[BCClone]

You mentioned that there was significant oversight to keep private benefit from happening in these foundations. Some of the heirs can pull millions annually from they way they are set up. If Gates set his up, you could be talking billions still going to the family. Some of these foundations have teams of CPAs and a couple Attorneys to handle the loopholes.

 

[mdk2isu]

So your argument is that zero wealthy people have children? Or do you think the estate tax is already at 100% with no loopholes?

It doesn't pass the most basic logical analysis.

I live in mid city LA. The idea that all the wealthy people made it on their own is probably the most stupid thing I've heard in my life. These are some of the laziest slugs you will ever see on the planet.

I'm not talking about somebody with a $800,000 home in the midwest that couldn't buy a studio apartment in New York. I'm talking about actual wealth. Again unless you suggest all wealthy people are sterile and can't have children the argument is pretty ridiculous.

Neither of those is my argument. My point was that more people become millionaires by starting at $0, or at least close to it, than become millionaires by inheriting millions of dollars. The facts support what I'm saying.

 

[isucy86]

There is a 3 episode biopic about Bill Gates on Netflix that is pretty interesting. Goes over his history and roll parents played in his life. Then reviews how he is spending his energy post Microsoft. He has been very hands on and invested tons of greenbacks on Polio eradication worldwide, water-less toilets to improve water quality, hence reduce disease in 3rd world countries and research into developing Nuclear power as a clean/safe energy solution.