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> I am no fan of Facebook, but man, the amount of vitriol coming out about this move just astounds me. Giving away 99% of your wealth is apparently not commenda

> I am no fan of Facebook, but man, the amount of vitriol coming out about this move just astounds me. Giving away 99% of your wealth is apparently not commendable unless you do it just right. Meanwhile, how much are the commenters themselves giving away? Oh, somewhat less than 99%? Yeah. I can put 99% of my wealth in a LLC and claim I'm giving it away. that doesn't make it true. If he was being honest and genuine, it would be in a charitable trust or a non-profit foundation. Unless by "give away" he means "invest in companies and/or political lobbying". [ Hint: Charitable Trusts would function like a LLC in many respects with the guarantee at the end that the money would flow to a charitable cause in the end. ]

andzt 11y ago
As a correction to your assumption and other comments in this thread, charitable trusts (depending on the many ways you can set these up) do not guarantee ANY money will ever be given to charity. Most require a distribution, but many do not dictate how this distribution is to be used or put a limit on how much can be distributed (although large distributions may still incur taxes). It's often used as a way to pass on an inheritance to avoid or limit tax consequences.
- fweespeech 11y ago
  > Most require a distribution, but many do not dictate on how this distribution is to be used or put a limit on how much can be distributed. It's often used as a way to pass on an inheritance to avoid or limit tax consequences. Yes but you can write the documents in such a way that it is required. In other words, I'd be willing to give him the benefit of the doubt that it was legally structured that way which is possible with such trusts.