>>>>The limits on passing money aren't working. They have to be stronger.
>>>
>>>People do smart things with their own money.
>>>People do stupid things with their own money.
>>>
>>>So, you would like laws to prevent people from doing stupid things with their own money?
>>
>>I'd like to be sure that people with great wealth have done something to earn it.
>
>So, a rich person can't give huge gifts to a charitable foundation for what he estimates are worthy causes?
>The foundation has done nothing to earn the money, at least yet, and may never succeed.
That's basically what Warren Buffet and Bill Gates have done, and I think that's a good idea.
Most charitable foundations that have been around for awhile are as bloated and inefficient as some government agencies, so Gates and his wife started their own foundation with about $40 billion and Buffet contributed another $40 billion to it.
Yes, they may or may not succeed and it's not clear that society will benefit from it, but I still think it's better than passing that kind of money on to heirs.
Anyone who does not go overboard- deserves to.
Malcolm Forbes, Sr.