People know that California is home to the largest and most progressive technology corporations in the world, so it's no surprise that what happens in California today could set the standard for the rest of the United States for years to come. The rapid growth and success of these technology giants has made many millionaires and billionaires, who, just like the rest of us, are faced with the important decision of what to do with their money during their life and after their death.
Larry Page, the CEO of Google, recently made headlines when he said that he would rather give his fortunes to another major progressive corporate titan, Elon Musk, than give his money to a nonprofit organization or charity. According to Page, he sees the progress that people such as Musk have made with their futuristic endeavors as a humanitarian effort in and of itself.
While his comments ruffled some feathers and left some people questioning why he would give even more money to a for-profit corporation which has proven that it has the ability to support itself, Page seemed to suggest that this might be the key to unlocking even more big ideas which could translate to even more progress for the human race. While Elon Musk has his sights set on outer space and beyond, some people would be happier knowing that their money is helping people in their own neighborhoods and communities.
The beauty of estate planning is that people can do whatever they want with their money after their death, whether it's funding the next mission to Mars, paying their grandchildren's tuition or helping feed the homeless. There is no right or wrong aspiration in estate planning, but there is a right way to make sure that a person's hard-earned assets go where they want them to. When the proper procedures are followed, people can accomplish their estate planning goals while avoiding probate, sidestepping unnecessary taxation and making sure their contributions to society are realized and appreciated.
Source: Slate, "Larry Page: I'd Rather Leave My Billions to Elon Musk Than to Charity," Jay Yarow, March 20, 2014