If you “inherit” a Charitable Foundation from your parents, is that just as good as inheriting the cash? Can you do anything through the Foundation?

Question

Many people seem to believe that “inheriting” e.g. The Gates Foundation is just as profitable as inheriting tens of billions in cash. My gut tells me that charitable law must be more complicated than that. What’s the truth?

In: 377

Answer 1

It’s better than cash because you don’t pay taxes or open your books to the IRS. The charity will send funds to some charities and receive funds from other charities. But primarily it will cover the expenses and salary if the board, which can be use of properties, vehicles and living expenses.