Kirk Douglas leaves entire Fortune to charity

[quickesst]

Respect

Snip:
The Mirror reported that the famous actor left $50million of his $60million fortune to the Douglas Foundation, which aims to "help those who cannot otherwise help themselves".

Some of the beneficiaries from his namesake foundation include St. Lawrence University, where they fund a scholarship for minority and underprivileged students and Westwood's Sinai Temple, which houses the Kirk and Anne Douglas Childhood Center.

The foundation also funds Culver City's Kirk Douglas Theatre, a live performance venue, and Children's Hospital Los Angeles.


https://www.the-sun.com/entertainment/442102/kirk-douglas-fortune-charity-nothing-michael-douglas/?utm_source=fark&utm_medium=website&utm_content=link

[Rebl2]

1. Good on him!

[Botany]

2. Spartacus

[Zoonart]

3. Thank you Kirk.

[rsdsharp]

4. Maybe it's just me,

but if he left a $60 million dollar estate, and left $50 million of that to his charitable foundation, that doesn't seem to be his "entire" estate. And yes, I understand that the headline of the article states that. It also seems to freak out over the fact that he left nothing to his son Michael. I'd guess that Michael is worth at least as much as his father, and doesn't need the money. Kirk has two surviving sons, and I've yet to see an article stating whether they were left anything. I'd be they were, and possibly the family of his late son, too, if there is one.

[csziggy]

9. Taxes? nt

[rsdsharp]

11. Don't think so.

The amount left to qualified charities isn't taxable. Even if the remaining $10 million or so is subject to estate tax (and I'd think he dd a better job of estate planning) it's still not 100%.

[nitpicker]

31. None of the $10 million is subject to federal estate tax

Unless he made big gifts (in excess of the annual gift exclusion) before he died.

Forbes noted: https://www.forbes.com/sites/ashleaebeling/2019/11/06/irs-announces-higher-estate-and-gift-tax-limits-for-2020/#be867c82efb2

The Internal Revenue Service announced today the official estate and gift tax limits for 2020: The estate and gift tax exemption is $11.58 million per individual, up from $11.4 million in 2019. That means an individual can leave $11.58 million to heirs and pay no federal estate or gift tax, while a married couple will be able to shield $23.16 million. The annual gift exclusion amount remains the same at $15,000.
(snip)

[Jarqui]

17. His wife is still alive

Maybe a bunch of the $10 mil is joint bank accounts/investments/pension (that may not be regarded as part of the estate but got included in the media report) to take care of her

There may also be some debts (not likely much but maybe some old arrangements ..), pay taxes (incl capital gains?), pay executor/lawyer/accounting fees, etc.

[WhiskeyGrinder]

5. Anything to organizations that address the sexual assault of children? That would be nice.

[Pacifist Patriot]

6. My thought too.

[CaptYossarian]

7. He gave nothing to the Catholic Church.

Close enough.

[Rorey]

21. Touche

[BlueIdaho]

8. Always a class act. nt.

[rurallib]

12. to the very end and beyond

[HipChick]

14. How so? He allegedly raped an actress..

actress Natalie Wood who was 16yrs old at the time..

[efhmc]

19. Not allegedly. True.

[JustAnotherGen]

26. Ditto -

I believe her. It overshadowed so much in her life - what he did to her.

It's KNOWN in Hollywood. I think Redford hinted at it in an interview in the early 80's - it's somewhere online. They were good friends.

[efhmc]

27. It is so sad that even now we do not believe her. The mantle of male

superiority and power and the reverence of their ability to do anything they desire is so destructive to women and in the end also to men that it hurts us all.

[JustAnotherGen]

29. I posted about this years ago

In the Feminist Group . . . I was shocked it was the first time people had read it. I think I also predicted there would be accolades directed at this man . . . but none from me.

[efhmc]

30. I post in that group but do not remember seeing it.

As a MOF I was only aware of it about 5 years ago. I always liked Natalia but until I read a bio from her sister knew nothing about this. The first reports did not name him (Douglas) but the reports I read later on line showed a building with his name on it in "passing". Of course it was him, Instead of lauding him for giving his money to "charity", why not admit his horrible past and give the money to women's shelters or to those who defend women who have been used, abused and raped by men like he was.

[obamanut2012]

32. Beat her savagely and then raped her

[efhmc]

20. https://www.distractify.com/p/kirk-douglas-natalie-wood-assault

Hollywood protects its own especially high profile rich white men. #metoo has finally put at least a small dint in that protection. It is absolutely amazing to me the number of people (men) still protecting this rapist.

[mountain grammy]

10. Good news.

[no_hypocrisy]

13. Our Dad did that too, but

in the spirit of malice. My siblings and I were deliberately left out of his estate. We don't have the money Michael Douglas had. It was Dad's farewell to us, like "Good riddance."

[PatrickforO]

15. Wow. Sorry to hear that.

[Maeve]

16. Point in his favor

Money didn't go to the already rich.

[mnhtnbb]

18. On behalf of my employer for 7 years, CHLA (Children's Hospital of Los Angeles)

in the 70's and 80's, thank you, Kirk Douglas.

[Bernardo de La Paz]

22. It's excellent, but 84% is not "entire". . . . nt

[HarlanPepper]

28. His wife is still alive.

Not that it's anyone's business where the rest of it went.

[C Moon]

23. He did a great thing here, do we seriously need to nitpick at his decision? Cripes!

[quickesst]

24. I agree

If I had any idea this thread would turn into a nitpicking shitshow I would have thought twice about posting it.🤔😕
Live and learn.

[Roy Rolling]

33. No Good Deed Goes Unpunished

My thoughts, too. He gave $50 million of $60 million to charity—who in his family did he stiff and why is he hiding the other $10 million?

[quickesst]

34. Maybe....

.... "someone" should tell all those people who are unable to do for themselves and benefit through the Douglas Foundation, the medical staff and the patients in the hospital, the recipients of the scholarship fund, and the theater that helps aspiring artists that they should be ashamed of themselves for taking his money.
Maybe that same "someone" has an extra 50 or 60 million bucks laying around they can donate.

[SleeplessinSoCal]

25. Right Wing Media trashing Kirk for "snubbing" Michael worth $300 mil.

This ought to be exploited to show how warped their values are. They are clearly obscuring the will's beneficiary - charity - to cover their own position of hoarding.

Hoarding wealth is what cons do. Their coverage of Kirk Douglas last will and testimony proves that.

i.e...
https://dailycaller.com/2020/02/24/kirk-douglas-foundation-charity-will-michael-80-million/