WSJ Quotes Beth Kaufman on Mark Zuckerberg's Philanthropic Goals
The Wall Street Journal quotes Caplin & Drysdale President Beth Shapiro Kaufman concerning Facebook founder Mark Zuckerberg who is giving away his $45 billion fortune in a way that allows him to also invest in companies and influence public policy, while pursuing broader philanthropic aims. "He doesn't really care about the charitable deduction and he's getting two other tax benefits out of this," said Ms. Kaufman. "You wouldn't do this only for the tax objectives." The move highlights an emerging model of philanthropy that extends beyond grant-making foundations. By creating a limited-liability company rather than a foundation, Mr. Zuckerberg and his wife, Dr. Priscilla Chan, can support their goals of promoting "personalized learning, curing disease, connecting people and building strong communities," while sidestepping some limits of tax law and public-disclosure rules. For the complete article, please visit the Wall Street Journal's website.
In addition to being President of Caplin & Drysdale, Ms. Kaufman has an active practice assisting wealthy individuals meet their estate planning goals. She also advises lawyers and other professionals on complex issues regarding estate, gift, and generation-skipping transfer taxes. She is frequently retained by counsel to assist in estate and gift tax audits, to advocate a taxpayer's position before the Internal Revenue Service, or to seek a private letter ruling.