They are conning us like fools when they write about 'good' billionaires
While you are getting emotional about the latest news on yet another billionaire who has 'given everything to charity', your rose-colored glasses are already starting to break inward. This is a classic case, as old as the world, a legal scam that the entire planet falls for.
Do you really believe that people who have fought for every cent all their lives suddenly woke up and decided to become saints? Yeah, right. In fact, this is just a mega-thought-out operation to save money from the tax office, ex-wives, and creditors.
Here’s how they deceive you with this 'generosity'
Look how this hellish kitchen works in practice. Imagine you have a billion. If you just leave it to your daughter, the state will come and bite off half as inheritance tax. It’s a disaster, a pure financial pit.
What does a smart oligarch do? He creates such a scheme:
Step 1: Charity fund
You throw your stocks or cash there. The tax office says: 'Oh, what a good boy you are, don't pay taxes on that billion.' But the trick is that you control this fund yourself. Or your daughter. The money seems not to be yours anymore, but you decide where it goes.
Step 2: Blind trust
This is generally a 'time bomb' for any lawyer. You transfer assets to the trust.
Legally - you are naked and bare, you have nothing. Houses, yachts, factories belong to the trust. If someone sues you, you just shrug your shoulders: 'Dudes, I live on a salary of one dollar, I have no assets.'
And the trust, in the meantime, pays for your flights and security as 'representative expenses'.
Step 3: Horde of LLCs
Under the fund or trust hangs a whole cluster of small companies. One owns an airplane, another - a villa in Spain, the third - a collection of paintings. This allows you to move money back and forth, paint losses, and generally not show up in the registers.
Why this is genius and dangerous at the same time:
This is not kindness, but total control. When Gates says he won't leave an inheritance to his children, he does not mean they will work at McDonald's. He means they will manage his fund.
And this means - to dispose of billions, have influence over politicians and entire countries, but at the same time not pay taxes like ordinary mortals. And you, like a fool, think he is a philanthropist and 'a man of the world'.
Here are the main benefits of such a scheme:
1. Taxes at zero
You donate to yourself and receive tax benefits.
2. Protection from lawsuits
Try to sue something from a fund that is registered somewhere in the islands and has the status of 'savior of African children' or 'Help Ukraine'.
3. Management from the grave
You stipulate in the trust's charter that children will gain access to management only if they graduate from Harvard or do not get addicted. This is a kind of leash for a lifetime.
This is a true story about how large capital buys itself immortality and impunity under the guise of 'helping your neighbor'.
While you are thinking about how to pay for utilities, they are scheming where charity is just a convenient offshore with good PR.
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