Article
Source: Estate Planning
Article
03.01.16
In December 2015, Mark Zuckerberg and Priscilla Chan announced an innovative type of philanthropic initiative. Perhaps never before, however, have people been so vilified for pledging to give away most of their net worth. The expression “no good deed goes unpunished” does not even begin to explain the way that the Chan Zuckerberg Initiative (CZI) and Priscilla Chan and her husband Mark Zuckerberg have been treated by some members of the press and academia.
Never in the history of mankind have two people pledged to do so much to advance human potential and promote equality and have been treated so harshly for it. Perhaps some explanations are in order, however, as even some fair-minded individuals have gotten the technical aspects of the CZI planning wrong. For purposes of simplicity, Ms. Chan and Mr. Zuckerberg are referred to in the discussion that follows as “the Zuckerbergs.”
Pledge rather than immediate gift
The Zuckerbergs’ commitment to give 99 percent of their Facebook shares (worth about $45 billion) is a pledge. It is not an outright current gift, donation, investment, or expenditure. The Zuckerbergs agreed to spend their money over time and have made a very public commitment to do so.
Read more: The Chan Zuckerberg Initiative: LLC for Philanthropy.