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

The foundation owns its assets, and a person cannot inherit them. The best you (as a money grubbing worthless layabout family member of a billionaire) can hope for is to draw a salary as an employee or trustee.