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Some foundations have been used that way, no doubt. But I think there's a difference between setting up a tax shelter with vague goals and actively committing t
by RataNova 1y ago
Some foundations have been used that way, no doubt. But I think there's a difference between setting up a tax shelter with vague goals and actively committing to spend down the entire endowment in a specific timeframe
- freeamz 1y agoTrue. Actively committing to spend down the entire endowment in a specific timeframe does not mean it is not used create a dynasty. In the 50's the Congress in US was getting suspicious about those foundations already. There were a investigation for it: https://en.wikipedia.org/wiki/United_States_House_Select_Committee_to_Investigate_Tax-Exempt_Foundations_and_Comparable_Organizations https://en.wikipedia.org/wiki/United_States_House_Select_Com...