Bill Gates is leaving his vast fortune to charity not his kids.

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Post by Syl on Thu Oct 27, 2016 9:04 pm

Do you agree with him? If you had that sort of wealth would you rather give it away than keep it in the family?

http://www.mirror.co.uk/tv/tv-news/bill-gates-might-worlds-richest-9130342

"The world’s richest man Bill Gates has admitted he will not be leaving his £70billion fortune to his three children instead giving it away to charity when he dies.
Appearing on ITV’s This Morning the Microsoft creator, who has an estimated net worth of $81.7 billion, says his kids understand his decision.
Speaking to Holly Willoughby and Ben Shephard, the 60-year-old said: “Well, our kids receive a great education and some money but they will go out and have their own careers."
He reasoned that by allowing his children - two daughters and a son - to inherit his fortune “distorts anything” they might try to do.
Gates said all three were “proud” of his decision."


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Post by eddie on Thu Oct 27, 2016 9:25 pm

Pfffff lets face it, he's not leaving them penniless is he?
They will have had a brilliant and costly education, and they'll each have been bought a house......

I think it's a great and noble thing to leave it to charity.

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Post by Ben Reilly on Thu Oct 27, 2016 10:50 pm

I would have made sure my kids were wealthy, but I wouldn't have given them billions! If someone gave me billions I think I'd lose all ambition.

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Post by WhoseYourWolfie on Fri Oct 28, 2016 1:24 am

Idea

BILL & MELINDA GATE'S children have already been given substantial shareholdings in Microsoft when they were young...

If nothing else changes, they will each have $$ a couple of billions $$ of stock..
Much wealthier, still, then most people could even dream of..


That's why I take these reports with the proverbial "pinch of salt", that they deserve..

LET'S JUST hope that they have been raised with a good semse of 'Noblesse Oblige' to carry on the philanthropic side of the family endeavours  ?          Bill Gates is leaving his vast fortune to charity not his kids. 1399249160

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Post by Eilzel on Fri Oct 28, 2016 1:50 am

I think he's great for doing this. He is certainly doing the best for both his family an society at large by ensuring they are more than taken care of, even if the vast majority of his cash goes elsewhere.

I wish more rich people did the same. I hate the accepted view that when someone dies their possessions should automatically go to their offspring- who did nothing to earn it than be born to that person. It matters little where most people are concerned, but people shouldn't be made millionaires from inheritance when that money could be used to help so many in need.

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Post by WhoseYourWolfie on Fri Oct 28, 2016 2:15 am

Smile

A couple of years back,  Warren Buffett pledged that over 90% of his wealth will go to the Bill and Melinda Gates Foundation...

Several other billionaires have made large pledges in recent times, even though the percentages of their wealth may be much lower..


Then there are those families like the Rockfellers, Fords,  Hughes, Kelloggs;  (and here in Oz, to a lesser extent again, families like the Myers, Packers, Murdochs, and Pratts, are significant donors to charitable foundations..).

https://en.m.wikipedia.org/wiki/List_of_wealthiest_charitable_foundations

Though, as a proportion of the world's millionaires, billionaires and corporations, the overall figures are still proportionately low --  with there always being plenty of room for improvement in overall participation rates..

Especially from those big, bad companies like Exxon, BP, Monsanto, Bayer, Koch bros., and the likes --  who simply keep on take, take, taking.  And then take some more..      Suspect

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Post by The Devil, You Know on Fri Oct 28, 2016 10:13 am

Syl wrote:Do you agree with him? If you had that sort of wealth would you rather give it away than keep it in the family?

http://www.mirror.co.uk/tv/tv-news/bill-gates-might-worlds-richest-9130342

"The world’s richest man Bill Gates has admitted he will not be leaving his £70billion fortune to his three children instead giving it away to charity when he dies.
Appearing on ITV’s This Morning the Microsoft creator, who has an estimated net worth of $81.7 billion, says his kids understand his decision.
Speaking to Holly Willoughby and Ben Shephard, the 60-year-old said: “Well, our kids receive a great education and some money but they will go out and have their own careers."
He reasoned that by allowing his children - two daughters and a son - to inherit his fortune “distorts anything” they might try to do.
Gates said all three were “proud” of his decision."

he is not leaving them destitute, he is just not leaving them billions, millions will be enough

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Post by The Devil, You Know on Fri Oct 28, 2016 10:14 am

WhoseYourWolfie wrote:Smile

A couple of years back,  Warren Buffett pledged that over 90% of his wealth will go to the Bill and Melinda Gates Foundation...

Several other billionaires have made large pledges in recent times, even though the percentages of their wealth may be much lower..


Then there are those families like the Rockfellers, Fords,  Hughes, Kelloggs;  (and here in Oz, to a lesser extent again, families like the Myers, Packers, Murdochs, and Pratts, are significant donors to charitable foundations..).

https://en.m.wikipedia.org/wiki/List_of_wealthiest_charitable_foundations

Though, as a proportion of the world's millionaires, billionaires and corporations, the overall figures are still proportionately low --  with there always being plenty of room for improvement in overall participation rates..

Especially from those big, bad companies like Exxon, BP, Monsanto, Bayer, Koch bros., and the likes --  who simply keep on take, take, taking.  And then take some more..      Suspect
I am sure the tax breaks make it an attractive proposition.

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Post by Syl on Fri Oct 28, 2016 12:13 pm

Eilzel wrote:I think he's great for doing this. He is certainly doing the best for both his family an society at large by ensuring they are more than taken care of, even if the vast majority of his cash goes elsewhere.

I wish more rich people did the same. I hate the accepted view that when someone dies their possessions should automatically go to their offspring- who did nothing to earn it than be born to that person. It matters little where most people are concerned, but people shouldn't be made millionaires from inheritance when that money could be used to help so many in need.

I agree with your point of view.
Obviously no one who has great wealth should leave their kids in the gutter without giving them the means to better themselves (which Bill Gates has definately not done) but if they have had a good education and been steered in the right direction when young, it's better for them to make what they can of themselves rather than be given millions without any effort.


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Post by WhoseYourWolfie on Fri Oct 28, 2016 12:39 pm

The Devil, You Know wrote:
WhoseYourWolfie wrote:Smile

A couple of years back,  Warren Buffett pledged that over 90% of his wealth will go to the Bill and Melinda Gates Foundation...

Several other billionaires have made large pledges in recent times, even though the percentages of their wealth may be much lower..


Then there are those families like the Rockfellers, Fords,  Hughes, Kelloggs;  (and here in Oz, to a lesser extent again, families like the Myers, Packers, Murdochs, and Pratts, are significant donors to charitable foundations..).

https://en.m.wikipedia.org/wiki/List_of_wealthiest_charitable_foundations

Though, as a proportion of the world's millionaires, billionaires and corporations, the overall figures are still proportionately low --  with there always being plenty of room for improvement in overall participation rates..

Especially from those big, bad companies like Exxon, BP, Monsanto, Bayer, Koch bros., and the likes --  who simply keep on take, take, taking.  And then take some more..      Suspect


I am sure the tax breaks make it an attractive proposition.


Idea

The tax deductions certainly encourage both individuals and companies to give a fair bit more than they would otherwise...

However, there is still that added bonus of giving back to local communities, helping the world out in general, giving a little back of what you earn from them;  maybe even helping out a cause close to one's heart (as in specific medical, environmental, sports or educational bequests/endowments..).  And, it makes for good advertising/public relations, as well..  Not forgetting that there's also religious and/or philosophical aspects for certain people...

And, of course, governments will encourage more generosity, as that means less money that they have to spend in those areas..         Bill Gates is leaving his vast fortune to charity not his kids. 1399249160

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Post by Jules on Fri Oct 28, 2016 3:48 pm

Bill Gates is a wise one and he played a blinder there.
Clever chap! He will not burden his kids with massive inherited wealth
They are already extremely wealthy by anyone's standards.

I've seen many examples where inheriting a vast fortune destroyed people.
He knows exactly what he is doing.



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Post by Jules on Fri Oct 28, 2016 3:54 pm

He and Warren Buffet founded the 'GIVING PLEDGE'. They coaxed other billionaires to sign up to it, and the list grows year on year. The beneficiaries can use the funds to conquer global diseases and slow down climate change.

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Post by The Devil, You Know on Fri Oct 28, 2016 5:25 pm

bill gates also says brexit will not affect scientific research in the uk

http://www.itv.com/news/update/2016-10-26/bill-gates-brexit-will-not-affect-science-and-research/

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