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Billionaire James Sorenson leaves his [entire] fortune to charity
Deseret Morning News ^ | Monday, Feb. 4, 2008 11:54 a.m. MST | By Jasen Lee

Posted on 02/04/2008 12:08:29 PM PST by Dr. Zzyzx

The family of Utah inventor and billionaire philanthropist James LeVoy Sorenson said today that he willed his entire personal fortune to charity.

Sorenson died of cancer last month at age 86.

Last year, Forbes Magazine estimated his wealth to be approximately $4.5 billion.

Sorenson was known for his numerous medical inventions and successful business endeavors, in addition to his dedication to charitable causes. His son, James Lee Sorenson, said his father had talked about leaving his vast fortune behind to help various worthy causes.

"Over time, particularly the last 10 to 20 years having been successful, he asked himself, 'What is it that I can do with my wealth?' And he came to this conclusion."

James Lee Sorenson said the Sorenson Legacy Foundation will administer and choose which deserving organizations will receive gifts from his father's estate. Previous beneficiaries of gifts from the foundation have included Gallaudet University in Washington, D.C., a college for deaf and hard of hearing students, and the University of Utah.


TOPICS: News/Current Events; US: Utah
KEYWORDS: billionaires; charity; philanthropy
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1 posted on 02/04/2008 12:08:30 PM PST by Dr. Zzyzx
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To: Dr. Zzyzx

Good for him. Very admirable.


2 posted on 02/04/2008 12:10:25 PM PST by joebuck
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To: Dr. Zzyzx

Probably a very wise decision tax wise. His son administrates and gets perks/salary, they help causes they deem worthy and the tax man gets....? no doubt much less than he would have if the money had gone to family/friends. Much to admire.


3 posted on 02/04/2008 12:13:59 PM PST by socialismisinsidious ( The socialist income tax system turns US citizens into beggars or quitters!)
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To: joebuck

except that in a generation or two that money will support very wierd causes.

henry ford’s foundation these days supports things like the azatlan movement that seeks to split off the US southwest from the US and either form a seperate country or merge it with mexico.


4 posted on 02/04/2008 12:15:07 PM PST by ckilmer (Phi)
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To: Dr. Zzyzx

My fear is that within ten years time this fortune will be entirely under the control of leftists who will use it to institute socialistic world government.


5 posted on 02/04/2008 12:15:25 PM PST by rogue yam
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To: ckilmer
"henry ford’s foundation these days supports things like the azatlan movement that seeks to split off the US southwest from the US and either form a seperate country or merge it with mexico. "

I happen to agree with that one...Mexifornia first.

6 posted on 02/04/2008 12:17:15 PM PST by Mr. K (Some days even my lucky rocketship underpants don't help)
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To: Dr. Zzyzx
OOOh those EVIL rich. Hillary would love to tap into that.
7 posted on 02/04/2008 12:18:06 PM PST by bikerman (_ _ . /_ _ _ /_ . . / / . . . . / . / . _ . . / . _ _ . / / . . _ / . . . //)
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To: laurenmarlowe

Ping...


8 posted on 02/04/2008 12:18:39 PM PST by HiJinx (~ Support our Troops ~ www.americasupportsyou.mil ~)
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To: socialismisinsidious
Not a bad move, creates a family structured job mill. Keeps the money in the family, and allows the later grandkids to continue to adminster it.

Now if the parents can just pass along the same values as the father.

9 posted on 02/04/2008 12:18:51 PM PST by Pistolshot (Those with a lively sense of curiosity learn something new every day of their lives.)
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To: rogue yam

Why do you fear what other people do with their money?


10 posted on 02/04/2008 12:20:24 PM PST by trumandogz
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To: Dr. Zzyzx
James Lee Sorenson said the Sorenson Legacy Foundation will administer and choose which deserving organizations will receive gifts from his father's estate.

I'd have laid out where it should go in my will. Cut out the middlemen, or as many as I can. $4 billion is going to attract a lot of parasites and graft-seekers, and I'm betting a good chunk of that money will wind up earmarked for the hefty salaries of the employees of the Sorenson Legacy Foundation.

11 posted on 02/04/2008 12:23:29 PM PST by SpringheelJack
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To: Mr. K
Are your rocketship underpants a bit tight?

As a born and bred Texan, I say screw Atatlan!

I remember the Alamo! I remember Goliad, Gonzales, San Jancinto, and all the rest.

You go be part of Mexico if that's your heart's desire. As for me, I'll have no part of it!

12 posted on 02/04/2008 12:28:05 PM PST by basil (Support the Second Amendment--buy another gun today!)
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To: SpringheelJack

James Lee Sorenson said the Sorenson Legacy Foundation will administer and choose which deserving organizations will receive gifts from his father’s estate.
I’d have laid out where it should go in my will. Cut out the middlemen, or as many as I can. $4 billion is going to attract a lot of parasites and graft-seekers, and I’m betting a good chunk of that money will wind up earmarked for the hefty salaries of the employees of the Sorenson Legacy Foundation.


Something tells me he didn’t just willy-nilly say it goes to “whatever”. You should see some of the trust creation documents out there. Pretty detailed. Not that a trustee can’t subvert them, but at least a grantor can try.

But if we wanted to just say “spend it on whatever”, it’s his money, and I would like to assume someone that smart(?) is a student of history to know what will happens when he is gone. Either way not by side of the street.


13 posted on 02/04/2008 12:29:34 PM PST by freedomlover (Make sure you're in love - before you move in the heavy stuff)
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To: ckilmer
"except that in a generation or two that money will support very wierd causes."

That would be a danger whoever he left it to. Most trust fund babies are hard core libs.

14 posted on 02/04/2008 12:29:52 PM PST by joebuck
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To: ckilmer

I’ve got a weird cause for them to donate to right now. The Dr. Zzyzx Fund for underprivileged Dr. Zzyzx. I’m only going to ask for a measly one percent.


15 posted on 02/04/2008 12:33:53 PM PST by Dr. Zzyzx
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To: Dr. Zzyzx

Another Mormon in the news...


16 posted on 02/04/2008 12:34:01 PM PST by maui_hawaii (the Clintons are in it for themselves, not for the country)
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To: Dr. Zzyzx

Another left wing foundation?


17 posted on 02/04/2008 12:34:40 PM PST by nickcarraway
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To: bikerman

(_ _ . /_ _ _ /_ . . / / . . . . / . / . _ . . / . _ _ . / / . . _ / . . . //)

Godhelpus


18 posted on 02/04/2008 12:36:14 PM PST by edcoil
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To: trumandogz

“Why do you fear what other people do with their money?”

Wouldn’t you fear HCI or the ACLU if they had a few billion dollars to try to destroy your rights or your way of life. I would. Besides, no one said he shouldn’t be allowed to give his money to anyone he wants.


19 posted on 02/04/2008 12:36:21 PM PST by Hacklehead (Crush the liberals, see them driven before you, and hear the lamentation of the hippies.)
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To: Dr. Zzyzx

Xtinct Shopping Account would be delighted to accept a donation :o)


20 posted on 02/04/2008 12:38:37 PM PST by xtinct (I was the next door neighbor kid's imaginary friend.)
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To: trumandogz
Why do you fear what other people do with their money?

You have completely missed my point.

21 posted on 02/04/2008 12:39:28 PM PST by rogue yam
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To: bikerman
Hillary would love to tap into that.

She will. Give it time.

22 posted on 02/04/2008 12:40:28 PM PST by rogue yam
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To: Hacklehead

I am not sure what HCI is but, even money in the hands of the ACLU is better than the Death Tax confiscated by the Federal Government.


23 posted on 02/04/2008 12:40:49 PM PST by trumandogz
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To: rogue yam

The point is that the Feds will not get their grubby hands on this money and that is always good.


24 posted on 02/04/2008 12:41:57 PM PST by trumandogz
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To: Pistolshot
Now if the parents can just pass along the same values as the father.

Having a "family structured job mill" may be counterproductive to that goal.

25 posted on 02/04/2008 12:42:20 PM PST by rogue yam
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To: trumandogz
...even money in the hands of the ACLU is better than the Death Tax confiscated by the Federal Government.

I disagree. The ACLU is completely unaccountable to anyone other than their board (leftists) and funders (more leftists). Once the U.S. Federal Government is as completely dominated by leftists as is the A.C.L.U. then it will all be over. The creation of this foundation may ultimately be another step in that direction.

26 posted on 02/04/2008 12:48:17 PM PST by rogue yam
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To: trumandogz

“I am not sure what HCI is but, even money in the hands of the ACLU is better than the Death Tax confiscated by the Federal Government.”

HCI = Handgun Control Inc.
Who said they wanted the death tax?
You must be joking if you would rather see the ACLU get billions of dollars rather than the feds. It would fully fund them for eternity and they would use it to destroy every American value. The feds would blow it in a week on paperclips.


27 posted on 02/04/2008 12:48:32 PM PST by Hacklehead (Crush the liberals, see them driven before you, and hear the lamentation of the hippies.)
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To: Pistolshot

I invented a sign language visual indexing system for software he backed to help deaf and non-deaf people learn sign language. I saw enough to know that the man is amazing, and the family shares his values. None of that money will be wasted - when I was working on the project, the main office was a beaten down building with carpet form the early 70s.


28 posted on 02/04/2008 12:54:50 PM PST by Technocrat (Romney-Thompson 2008)
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To: rogue yam

Sorenson can give his money to the ACLU, NPR (as went the McDonald’s fortune), the Mormon Church or the NRA. Each of those donations would represent the value of a free market system.

If the Feds were to confiscate the fortune, as they do every day, the estate would simply be another victim of the IRS.


29 posted on 02/04/2008 12:56:33 PM PST by trumandogz
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To: Dr. Zzyzx

Can someone tell me how I can legally change my name to “Charity”?


30 posted on 02/04/2008 1:00:19 PM PST by lowbridge
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To: Mr. K

“henry ford’s foundation these days supports things like the azatlan movement that seeks to split off the US southwest from the US and either form a seperate country or merge it with mexico. “

I happen to agree with that one...Mexifornia first.
///////
I would prefer that the illegals be shipped back to Mexico.


31 posted on 02/04/2008 1:04:39 PM PST by ckilmer (Phi)
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To: trumandogz

Again, you are completely missing the point.


32 posted on 02/04/2008 1:07:28 PM PST by rogue yam
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To: Technocrat
None of that money will be wasted...

Do you know of a single charitable foundation that after 30 years is not an agent for leftism?

Ford? Rockefeller? McArthur? Pew?

There are reasons why it always happens this way.

33 posted on 02/04/2008 1:10:58 PM PST by rogue yam
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To: Technocrat

I’m glad you shared this information. It’s nice to know that the old guy really was a helper.


34 posted on 02/04/2008 1:15:50 PM PST by ishabibble (ALL-AMERICAN INFIDEL)
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To: rogue yam

Okay, then what is the point?

Would you like a government agency to decide what charities a person can and cannot leave their fortune?


35 posted on 02/04/2008 1:28:41 PM PST by trumandogz
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To: ishabibble
I've got a charity I just started to help save a feral catbertz.

It really does need a good home, with a young French maid/personal chef/yoga instructor. I believe combining these jobs will save the charity significant overhead. :)

36 posted on 02/04/2008 1:32:35 PM PST by catbertz
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To: Dr. Zzyzx

nice - no taxes to pay - wonder how hillary will view this?


37 posted on 02/04/2008 1:46:32 PM PST by Chili Girl
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To: catbertz
What a magnificent idea...a three-in-one personal helpmate.
38 posted on 02/04/2008 1:50:15 PM PST by geezerwheezer (get up boys, we're burnin' daylight!!!)
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To: ckilmer

La Raza would be NOTHING without the Ford Foundation. NOTHING.


39 posted on 02/04/2008 1:53:44 PM PST by Clemenza (Ronald Reagan was a "Free Traitor", Like Me ;-))
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To: Dr. Zzyzx

“Good Lord - I’ve heard about this - cat juggling! Stop!
Stop! Stop it! Stop it! Stop it! Good. Father, could there be a God that would let this happen? How much do you want?”


40 posted on 02/04/2008 1:59:56 PM PST by Pylon (Remember boys, flies spread disease, so keep yours closed.)
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To: trumandogz
Okay, then what is the point?

I have made it repeatedly in plain English on this thread.

41 posted on 02/04/2008 2:01:03 PM PST by rogue yam
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To: geezerwheezer

I need all the help I...I mean the cat, needs all the help it can get ;)


42 posted on 02/04/2008 2:05:47 PM PST by catbertz
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To: ckilmer
Milton Hershey is twirlin’ in his grave. The Hershey Foundation provided for fatherless boys by housing them in farm houses with caring house parents. Their education was provided through college, if desired. Political correctness has brought that fine bequest to a shameful screeching halt.
43 posted on 02/04/2008 2:08:00 PM PST by shove_it (and have a nice day)
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To: socialismisinsidious
and the tax man gets....?

Whatever the going rate is for the Estate tax. What is it? 50-60%?

44 posted on 02/04/2008 2:10:35 PM PST by Bloody Sam Roberts (Bureaucracy is a parasite that preys on Free Thought and suffocates Free Spirit.)
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To: rogue yam

That’s pretty much the way it goes. The kooks do follow the money. Ever see a gay takeover of a poor church in the slums? Nope. They go after the churches with endowments.


45 posted on 02/04/2008 2:17:04 PM PST by mathurine
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To: rogue yam

Okay, then feel free to leave your 4.5 Billion to anyone you choose.


46 posted on 02/04/2008 2:44:34 PM PST by trumandogz
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To: mathurine
They go after the churches with endowments.

St. Mark's Episcopal Cathedral in Seattle is a classic example of this. It started with a gay Dean and eventually they ended up with a black, lesbian Director of Faith Formation who converted to Islam while still a member of the clergy there. They didn't even fire her (the Episcopal Bishop of Western Washington apparently saw no contradiction between Islam and Christianity). Eventually some Bishop from the East Coast (from whom the woman received her ordination) stepped in and "suspended" her in order to stanch the embarassing fallout arising from this travesty.

47 posted on 02/04/2008 4:22:57 PM PST by rogue yam
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To: trumandogz

Feel free to learn nothing.


48 posted on 02/04/2008 4:23:28 PM PST by rogue yam
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To: Dr. Zzyzx
Charitable Remainder Trust?

If so, it is a way the wealthy get out of paying estate taxes, and pass their wealth on to their progeny.

49 posted on 02/04/2008 4:31:31 PM PST by D Rider
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To: trumandogz
This would be the classic counter-example of the trend I have been describing here:

The John M. Olin Foundation was a grant-making foundation established in 1953 by John M. Olin, president of the Olin Industries chemical and munitions manufacturing businesses. The general purpose of the John M. Olin Foundation was to provide support for projects that reflected or were intended to strengthen the economic, political and cultural institutions upon which the American heritage of constitutional government and private enterprise is based. The Foundation also sought to promote a general understanding of these institutions by encouraging the thoughtful study of the connections between economic and political freedoms, and the cultural heritage that sustains them. Unlike most non-profit foundations, the John M. Olin Foundation was charged to spend all of its assets within a generation of Olin's death, for fear of mission drift over time. It made its last grant in the summer of 2005 and officially disbanded on November 29 of that year after having disbursed over $370 million in funding, primarily to conservative think tanks, media outlets, and law programs at influential universities. The Foundation is most notable for its early support and funding of the law and economics movement.

50 posted on 02/04/2008 4:33:09 PM PST by rogue yam
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