Reply to Parents being flippant about inheritance

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[quote=Anonymous][quote=Anonymous]Not sure where my post went but agree the Bill Gates thing is laughable with all he has given them already. Plus they each get 10 million. There will be plenty of dividends they could live a life of luxury off of while saving the principal for the next generation. He absolutely is making it so that work will be a choice not a have to and that is fine. Plenty of people develop cancer, major autoimmune disorders and other issues where it would be such a blessing to take care of your health and not to have to worry about working to live.[/quote]

It is worse than that. He set up a Charitable Lead Trust. His assets go to charity for a set period of time - usually 20 years. After that time, the money goes to whomever he lists in his trust (most like his kids) and his estate doesn't pay estate taxes. So his kids technically aren't directly inheriting the money they are getting it through the charity. IIRC, the charity has to distribute a percentage of the money donated over that time but if the donated money is invested wisely, it will generally come back into the family at about the same amount it went out.

Most of the uber wealthy like Buffet, Zuckerberg, etc. have a portion of their estates set up this way.[/quote]

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