There is a difference
Reader comment on: Walton GRAT and Jackie O. Trust
Submitted by Lyle (United States), Sep 12, 2013 22:59
In the Waltons case it is their money to use totally as they please in the case of Buffet the money must go to charity beyond the salaries given. I think Buffett wants to prevent dynastic ideas, i.e. that the grandchildren are set for life, as he as with others think too much money to early spoils a person. A foundation must serve a charitable purpose, and in addition if there are activities beyond recieving dividends and the like, must pay a 2% tax on unrelated business income.
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The Future of Capitalism replies:
If you read the Bloomberg story the Waltons also have charitable endeavors. And there are benefits to running a $2 billion foundation that go well beyond drawing a salary.
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