2006-10-26 04:59:03 · 27 answers · asked by tulip 4 in Business & Finance ➔ Personal Finance
Most of the private and public universities in the United States get huge donations from rich people that have no heirs. Many hospitals and other charities get most of their funding from bequeaths of the rich.
Some don’t wait. Bill Gates and Warn Buffet are giving away billions of dollars while they are still alive.
If there are no heirs the government eventually gets it.
2006-10-26 05:00:12 · answer #1 · answered by damdawg 4 · 1⤊ 2⤋
If they are mega rich in the UK, the Government will cream off a hefty wedge in Inheritance Tax. Apart from that they may have plenty of other relatives. They may have worthy friends and there are plenty of needy charities. Money left to charities is exempt from Inheritance Tax total.
2006-10-26 05:11:19 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Mega-Rich people ought to have a will that would decide where it goes. Often its Charity.
If they dont have a will and no children, it goes first to living parents, then siblings, then cousins, etc until there is no one left to give it to.
2006-10-26 05:08:41 · answer #3 · answered by Anonymous · 1⤊ 1⤋
Supposedly, Elton John has "Adopted" over 10 God Children. It is like a big deal to be on his list of God children. Elizabeth Hurley and the Beckhams and Sting and Trudy all have hefty amounts of money in line for being smart enough to name Sir Elton as their childrens (Fairy) God Father...
2006-10-26 05:07:49 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Most are smart enough to leave wills. The bequest them to favorite charities. Rich people have lawyers & accountants, so they hardly ever leave it for the State to figure out.
2006-10-26 05:07:37 · answer #5 · answered by tigglys 6 · 1⤊ 1⤋
i knew a couple that did have children and they left them lots of money but they left hundreds of thousands of dollars to their church and different charities. amazing how much money some people have. i just hope to not leave my kids a lot of bills
2006-10-26 05:14:15 · answer #6 · answered by notyours 5 · 1⤊ 1⤋
We take it with us,cos the place we go to is so crowded
lots of mates there very hot
need money to get good cooler crib
2006-10-26 05:08:58 · answer #7 · answered by Anonymous · 0⤊ 1⤋
I am rich and have no issue. I am leaving mine to the Leamington Spa cat crematorium
2006-10-26 05:31:24 · answer #8 · answered by Anonymous · 0⤊ 1⤋
In the UK if they die without making a will it goes to the crown
2006-10-26 05:11:07 · answer #9 · answered by paul b 2 · 0⤊ 1⤋
Depending on their character, many wealthy people leave their money to charities and also artistic endeavors - museums, galleries, artists, libraries. Many are already benefactors to various institutions while they are alive.
2006-10-26 05:02:17 · answer #10 · answered by ? 2 · 2⤊ 1⤋