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Bill & Melinda Gates getting divorced

joestein

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I'm guessing you probably don't like Mark Zuckerberg ;)
or Steve Jobs ... or Mackenzie

View attachment 35236
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Yes he gave $45.5BB to HIS OWN charity. Which he and his relatives will control and bypass estate tax and capital gains. If you go to there website, they talk how they work communities around the world. Africa, China, Middle East, Japan and North America. They say they partner with gov't and businesses. I wonder how many business investments are wrapped in the business of a charity and how much is real charity.
 

joestein

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Thanks, Joe, for stating those points. I wonder how many years ago he bought his daughter that condo, as compared to when he said he plans to leave his kids a minuscule portion of his wealth? I don't follow the news about him or what he's up to, but I wonder about the context of those actions. I'd hate to be held accountable for the rest of my life for decisions I made when my kids were in school. For that matter, are the Gates children living "charitable" lives, and trying to make their own way in the world, or are they demanding Daddy support them, or capitalizing on his name, similar to the behaviors of so many children of other wealthy people?

On a more general scale, I wonder if there are similar feelings about Jeff Bezos, Mark Zuckerberg, or even Elon Musk? Are they in the same category, or is Bill Gates in his own category?

Why am I even asking? I actually don't even care about any of them. :D

Dave
I think this is all fairly recent within the last 5 - 7 years or so. Their oldest daughter is 25.
 

Gypsy65

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And Bill Gates is asking for privacy... HAHAHAHA . Let that sink in.
I think she may say many things if he doesn’t get some sort of privacy clause before he pays up

Pretty sure she knows a lot!!
 

bluehende

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Yes he gave $45.5BB to HIS OWN charity. Which he and his relatives will control and bypass estate tax and capital gains. If you go to there website, they talk how they work communities around the world. Africa, China, Middle East, Japan and North America. They say they partner with gov't and businesses. I wonder how many business investments are wrapped in the business of a charity and how much is real charity.
These are some pretty serious allegations. While giving to charity does the things you say, you do not mention that these funds have to be used for charity. Using it for personal gain is illegal. Please show any evidence of fraud. The work the foundation has done for health initiatives the foundation has done around the world are well documented. I do not understand the criticism of a foundation that has improved the lives of 100s of million people with 0 evidence of anything but true altruism. I am not a fan of some of Gates business practices, but name one huge business that was not ruthless. Criticizing his philanthropy without any evidence of wrongdoing is a little over the top.
 

DrQ

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Yes he gave $45.5BB to HIS OWN charity. Which he and his relatives will control and bypass estate tax and capital gains.
Now WHO would DO such a thing?
 

DaveNV

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I think this is all fairly recent within the last 5 - 7 years or so. Their oldest daughter is 25.
Thanks. I can't say what he was thinking, or why he did/does the things he does. Somebody said he owns a lot of real estate, so maybe the condo was investment property?

But I did the math. If Bill Gates left his kids .001 of his wealth, they each still inherit $130,000,000. Now I don't know about anybody else, but where I come from, $130 Million is not anything to take lightly. A reasonable person with a shred or two of moxie could live very comfortably for a very, very long time. How much wealth does a person need to inherit? I wish my parents had left me something even close to that. My Mother left me her debts, and about half of what my Dad left me went to pay for repairs and selling his mobile home - which I had to split with my brother. Not a lot of financially well-to-do folks in my family. (Not complaining - they're wonderful people. Just not a lot of Big Bucks on the family tree. :D)

Dave
 

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It seems some people did not know Paul Allen or could not remember him. Without Paul Allen, Bill Gates would not have such a success.
Paul Allen was kicked out of Microsoft because he had cancer. Paul Allen foundation did so much for Seattle and Pacific Northwest, while Bill Gates' foundation was in Africa to vaccinate everyone
before COVID. a

I think the Bill & Melinda Gates Foundation may be out of touch with many problems/sufferings (drug overdose, OPIOID EPIDEMIC, violence, health insurance, homeless people, ...etc.) in US, and does not help wildlife, endangered species, the ecosystem, ...etc

I wonder if they even watch Frontline or support the nature shows in PBS, and funding these shows. I know it is not pleasant to watch the PBS Frontline shows most of the time:

For example, in their neighborhood:
The opioid epidemic hits Tukwila and Seattle, WA | Cascade Behavioral Health (cascadebh.com)
I wondered why Bill and Melinda did not recognize the addiction. Was it because the death number from OPIOID EPIDEMIC was low, even though these people have been suffering daily (but not dying)

By the way, The Paul G. Allen Family Foundation does not accept donations.
About (pgafamilyfoundation.org)

Who Is Your Hero?
 
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Snazzylass

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I don't believe Gates is a meglomaniac. Driven to succeed? Yes. But who isn't driven that has made the kind of accomplishments like he has?

I can't fault a guy who is trying to do some good with his money and brains. He is not pushing to put his name on university buildings to stroke his ego, or throwing money at a charity as a way to feel popular at their annual gala and gain tax writeoffs.

Too many rich people like Larry Ellison spend their money on expensive hobbies like supersize yachts, and buying up beachfront property. What have they done for the world?
"He is not pushing to put his name on university buildings" Why would he do that? I thought, famously, he was a college drop out?
 

joestein

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These are some pretty serious allegations. While giving to charity does the things you say, you do not mention that these funds have to be used for charity. Using it for personal gain is illegal. Please show any evidence of fraud. The work the foundation has done for health initiatives the foundation has done around the world are well documented. I do not understand the criticism of a foundation that has improved the lives of 100s of million people with 0 evidence of anything but true altruism. I am not a fan of some of Gates business practices, but name one huge business that was not ruthless. Criticizing his philanthropy without any evidence of wrongdoing is a little over the top.
Serious allegations? I will be presenting my court brief shortly.

I would say that many of these ultra-rich charitable endowment funds are vehicles to retain control of wealth. I also never said it was for personal gain, you said that. But since you are pointing that out, gain for the purpose of the charitable vehicle is certainly allowed. What I discussed was control of assets and avoidance of tax/gain. Plus I am sure that all of his family can draw a generous salary for life if they choose.
 

Snazzylass

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Serious allegations? I will be presenting my court brief shortly.

I would say that many of these ultra-rich charitable endowment funds are vehicles to retain control of wealth. I also never said it was for personal gain, you said that. But since you are pointing that out, gain for the purpose of the charitable vehicle is certainly allowed. What I discussed was control of assets and avoidance of tax/gain. Plus I am sure that all of his family can draw a generous salary for life if they choose.
Interesting points! I'm enjoying all the all tawdry details. I heard recently when you marry for money, you earn it! yup! I've always been a big believer in that. Hope the kids are okay. Their oldest daughter seems to have a bright future of her own.
 

bluehende

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Serious allegations? I will be presenting my court brief shortly.

I would say that many of these ultra-rich charitable endowment funds are vehicles to retain control of wealth. I also never said it was for personal gain, you said that. But since you are pointing that out, gain for the purpose of the charitable vehicle is certainly allowed. What I discussed was control of assets and avoidance of tax/gain. Plus I am sure that all of his family can draw a generous salary for life if they choose.
This
I wonder how many business investments are wrapped in the business of a charity and how much is real charity.
You put out there that they are using this charity for business investments and not charity. That is the fraud I spoke of. And like I stated in my post their charity is very transparent where the money goes. You were taking a quote that said they work with local business and government and ran a long ways to they have business interests in their charity. What do you propose a charity work with in a very poor part of the world? I do not need a brief. This is the usual response I get to give some evidence for your opinion. The normal snide remark with no evidence or data. And noticeably you still have provided no evidence that the trust and charity has done anything but help people.
 
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Roger830

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Brett

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Serious allegations? I will be presenting my court brief shortly.

I would say that many of these ultra-rich charitable endowment funds are vehicles to retain control of wealth. I also never said it was for personal gain, you said that. But since you are pointing that out, gain for the purpose of the charitable vehicle is certainly allowed. What I discussed was control of assets and avoidance of tax/gain. Plus I am sure that all of his family can draw a generous salary for life if they choose.
I look forward to your court brief

I'm guessing other billionaires have their family on the charitable foundation payroll
 

James G

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I must be in the minority that I believe in the vows of richer or poorer, sickness and health, good times and bad, until DEATH do us part. Hopefully your significant other believes in the same moral code.
 

joestein

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This

You put out there that they are using this charity for business investments and not charity. That is the fraud I spoke of. And like I stated in my post their charity is very transparent where the money goes. You were taking a quote that said they work with local business and government and ran a long ways to they have business interests in their charity. What do you propose a charity work with in a very poor part of the world? I do not need a brief. This is the usual response I get to give some evidence for your opinion. The normal snide remark with no evidence or data. And noticeably you still have provided no evidence that the trust and charity has done anything but help people.
"I wonder how many business investments are wrapped in the business of a charity and how much is real charity."

"I wonder" is an expression of thought. If you want to take that as an accusation, then do so. But that is your interpretation.

If you want to consider my court brief comment as snide - hey your right. But just a sarcastic comment on your 'these are pretty serious allegations' comment.

You seem to ignore the fact that the charity itself is a business and can profit from their investments. It is still a vehicle for a family to control assets and earn salary while avoiding capital gains and estate tax.
 
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CalGalTraveler

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So he is rich and charitable trusts are legal tax avoidance schemes used by the rich. So what? It's not illegal. Why single him out for legally using tax laws which ALL rich people use?

The good news is that the foundation is using money for good purposes. Can't say that about all charitable foundations.

Lobby to fix the tax code loopholes if you have concerns.
 

bluehende

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"I wonder how many business investments are wrapped in the business of a charity and how much is real charity."

"I wonder" is an expression of thought. If you want to take that as an accusation, then do so. But that is your interpretation.

If you want to consider my court brief comment as snide - hey your right. But just a sarcastic comment on your 'these are pretty serious allegations' comment.

You seem to ignore the fact that the charity itself is a business and can profit from their investments. It is still a vehicle for a family to control assets and earn salary while avoiding capital gains and estate tax.
For the at least third time.......evidence. I wonder about a lot of things but do not disparage a great charity with my musings.

And again you ignore the fact they cannot use it for personal gain.....you know like buying portraits and paying fines. There is nothing wrong with a charity investing for the future. That is why we still have charities with the names of the great industrialists from a hundred years ago. And again they can gain no personal profit from it. Many people set up charitable trusts while living. Are you lobbying for no one being allowed to set up a charitable trust before they die. Would not the same advantages apply then.
 

TravelTime

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So he is rich and charitable trusts are legal tax avoidance schemes used by the rich. So what? It's not illegal. Why single him out for legally using tax laws which ALL rich people use?

The good news is that the foundation is using money for good purposes. Can't say that about all charitable foundations.

Lobby to fix the tax code loopholes if you have concerns.
I agree. I will add that donating money to a foundation is not really a tax avoidance scheme. In the end if you donate $1 and you get a 50 cents write off, you still gave away the other 50 cents.
 

CalGalTraveler

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I would also add:

What is the alternative?

They keep their billions and spend it on their family anyway for lavish superyachts and mansions? Let's not forget that it is their money...at least a charitable trust incents them to spend on good causes.
 

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I would also add:

What is the alternative?

They keep their billions and spend it on their family anyway for lavish superyachts and mansions? Let's not forget that it is their money...at least a charitable trust incents them to spend on good causes.
Or under the proposed "American Families Plan" those inherited billions would get taxed and the billionaire's third generation family could not afford a super yacht or mansion
so sad :(
o_O
 

TravelTime

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I read that Bill Gates only plans to leave each child with $10 million. However, his kids have grown up with such a lavish childhood that I wonder how they will survive on just $10 million.
 

stmartinfan

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Paul Allen foundation did so much for Seattle and Pacific Northwest before COVID, while Bill Gates' foundation was in Africa to vaccinate everyone and not fully aware of the US problems (drug overdose, OPIOID EPIDEMIC, violence, health insurance, homeless people, ...etc.)
The Gates' foundation does focus lots of effort into the Seattle area as well, at least the foundation offices listed large numbers of non profits on the area serving a variety of needs in the area that were getting financial support. They indicated that Seattle was one of their focus areas.

I'm not familiar with the work of Allen's foundation, just the large museum in Seattle that houses his huge collection of movie and other pop culture memorabilia. It was an interesting place to visit, but felt a little like the play things of someone with too much money!
 

PigsDad

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Or under the proposed "American Families Plan" those inherited billions would get taxed and the billionaire's third generation family could not afford a super yacht or mansion
I'd rather the money went to the charitable foundation than to the government. The foundation can run programs to help people much, much better than some pork barrel government program.

Kurt
 

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I'd rather the money went to the charitable foundation than to the government. The foundation can run programs to help people much, much better than some pork barrel government program.

Kurt
sure, -- billionaires generally like to see where their money is going
And billionaires don't like the proposal of limiting the step-up tax basis of assets at death
 
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