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

Depends on what section of the law the charitable foundation is set up under. The section mark Zuckerberg used has no requirements on how the money is used, law was set up for use in publicizing charitable organization, others do use the money for some charity but mostly just for tax write offs and notoriety of the people they are named after.

And yes the entire us law code needs a major overhaul.