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.
Good for him. Very admirable.
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.
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.
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.
I happen to agree with that one...Mexifornia first.
Ping...
Now if the parents can just pass along the same values as the father.
Why do you fear what other people do with their money?
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.
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!
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.
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.
That would be a danger whoever he left it to. Most trust fund babies are hard core libs.
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.
Another Mormon in the news...
Another left wing foundation?
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Godhelpus
“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.
Xtinct Shopping Account would be delighted to accept a donation :o)
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