|Warren Buffet has pledged to give 99% of his wealth to philanthropy|
There was an interesting article on Yahoo Finance the other day about wealthy individuals who are not planning to leave their money to their children. Among the individuals are Warren Buffet, Ted Turner, Bill Gates, and Jackie Chan.
Most of the individuals have chosen to give their wealth to charity. A sentiment that echos throughout the article is that leaving a large sum of money to one's kids does them more harm than good. This has helpful estate tax consequences for these wealthy folks, as money donated to charity is tax deductible!
Read the article here.