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Bill Gates' 'Anti-Paris Hilton' Plan To Make Sure His Kids Won't Inherit All That Gigantic Wealth
Business Insider ^
| 03/20/2014
| Dylan Love
Posted on 03/20/2014 7:38:03 AM PDT by SeekAndFind
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To: SeekAndFind
Warren Buffett said he was going to do this back in the late 1980s.
2
posted on
03/20/2014 7:39:16 AM PDT
by
Steely Tom
(How do you feel about robbing Peter's robot?)
To: SeekAndFind
Actually, that is my definition of rich.
" so they have the freedom to do anything"
3
posted on
03/20/2014 7:40:11 AM PDT
by
DManA
To: SeekAndFind
I’d be interested to hear others’ hypothetical plans...
Trustees are notoriously untrustworthy, especially if it is a financial institution. Their goals seem to be “spend it down to nothing as quickly as possible”.
So, some sort of perpetual entity would be necessary, with dividends paid to heirs, but not too much at once. I’d set aside some for the first generation, second, third, etc.
4
posted on
03/20/2014 7:41:41 AM PDT
by
MrB
(The difference between a Humanist and a Satanist - the latter admits whom he's working for)
To: SeekAndFind
The kids will end up suing their parents for their “fair share.”Lawyers will be lined up around the block to take the case.
5
posted on
03/20/2014 7:41:50 AM PDT
by
Farmer Dean
(stop worrying about what they want to do to you,start thinking about what you want to do to them)
To: DManA
I forget who it was, but they said they wanted their kids to have the freedom to do anything, but not the freedom to do nothing.
6
posted on
03/20/2014 7:42:19 AM PDT
by
MrB
(The difference between a Humanist and a Satanist - the latter admits whom he's working for)
To: SeekAndFind
What makes Bill Gates think that a Foundation board of directors won't go off the the deep end with all that money? Carnegie did. Ford did. The Rockefellers did. The Pews did. The Packards did.
This will be interesting.
7
posted on
03/20/2014 7:44:17 AM PDT
by
Carry_Okie
(The tree of liberty needs a rope.)
To: MrB
I forget who it was, but they said they wanted their kids to have the freedom to do anything, but not the freedom to do nothing. I'd like to see the specifics of how that plan is implemented.
BTW, our legal and regulatory system is moving toward the complementary outcome.
8
posted on
03/20/2014 7:45:16 AM PDT
by
Steely Tom
(How do you feel about robbing Peter's robot?)
To: SeekAndFind
What’s wrong with Paris Hilton?
Paris — if you’re lurking — I’ll help you spend your money any time!
9
posted on
03/20/2014 7:46:26 AM PDT
by
BenLurkin
(This is not a statement of fact. It is either opinion or satire; or both.)
To: BenLurkin
Whats wrong with Paris Hilton?Nothing, it's quite a nice hotel.
10
posted on
03/20/2014 7:47:30 AM PDT
by
dfwgator
To: SeekAndFind; GeronL; Revolting cat!
Then they shouldn’t live in the lap of luxury and get “soft” to being with. Send them to a low cost boarding school, or to really give them a dose of “life” experiences send them to reform school.
Tell me how that works out for ya, Billy boy.
11
posted on
03/20/2014 7:47:51 AM PDT
by
a fool in paradise
(The Texas judge's decision was to pave the way for same sex divorce for two Massachusetts women.)
To: MrB
That was Bill Gates- the whole quote:
“We want to strike a balance so they have the freedom to do anything, but not sort of a lot of money showered on them so that they can go out and do nothing,” said Bill Gates. “
12
posted on
03/20/2014 7:49:13 AM PDT
by
DManA
To: SeekAndFind; GeronL
If Bill isn’t going to see his kids do as well or better than he had it (and he benefited from his own parents’ wealth) then he’d better damn sure not cheat the IRS out of all of that “inheritance tax” by stuffing it in the “Gates Foundation”.
13
posted on
03/20/2014 7:49:18 AM PDT
by
a fool in paradise
(The Texas judge's decision was to pave the way for same sex divorce for two Massachusetts women.)
To: dfwgator
I’ve never been in the Paris Hilton, but I hear a lot of other guys have.
To: MrB
Even if your payments are annual, aren’t there firms now that leverage against that (buy your check out for a lower rate) whether it is an insurance payout or a lottery winning?
15
posted on
03/20/2014 7:51:14 AM PDT
by
a fool in paradise
(The Texas judge's decision was to pave the way for same sex divorce for two Massachusetts women.)
To: SeekAndFind
Parent who become nut jobs like to control EVERYTHING.
16
posted on
03/20/2014 7:52:08 AM PDT
by
chiefqc
To: ZirconEncrustedTweezers
Many years ago, when I saw the headline “Paris Hilton Sex Scandal”, I wondered just what was going on in French hotels that could possibly be that shocking ...
To: SeekAndFind
IOW he failed so he is using the excuse of leaving them in poverty as a fig leaf for his failure.
18
posted on
03/20/2014 7:53:58 AM PDT
by
longtermmemmory
(VOTE! http://www.senate.gov and http://www.house.gov)
To: SeekAndFind
I believe they were leaving $10 million to each.
19
posted on
03/20/2014 7:54:56 AM PDT
by
CodeToad
(Keeping whites from talking about blacks is verbal segregation!)
To: MrB
Trustees are notoriously untrustworthy, especially if it is a financial institution. Their goals seem to be spend it down to nothing as quickly as possible.That's nonsense.
Trustees get paid fees based on a percentage of the assets they are holding.
They are incentivized to avoid allowing a trust to be "spent down to nothing" by its beneficiaries.
If anything, they are incentivized to reinvest the trust and make it grow while doing their best to minimize withdrawals from the beneficiaries.
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