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?
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This is going to depend strongly on the legal jurisdiction and the exact type of organisation.
> Many people seem to believe that “inheriting” e.g. The Gates Foundation is just as profitable as inheriting tens of billions in cash.
As far as I know, with that kind of organisation, you wouldn’t actually “inherit” it, but they tend to be set up in such a way that members of the family keep being appointed as trustees/directors. They can be paid salaries out of the charity’s funds, but they have to be reasonable for the amount of work they do for the charity.
On the other hand, it’s not unheard of for people to use charities as vehicles for fraud or tax evasion, and presumably being associated with a charity can bring indirect benefits (e.g. networking opportunities).
Anyway, is there an expectation that Bill Gates’ kids aren’t going to get an inheritance or something? I would think it would be a bit surprising if they don’t get left something.
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