Lots of rich people have hidden their wealth in non-profits or corporations as foundations to avoid paying taxes on them.<p>It is called a Jackie O Trust because Jackie O was famous for making such an organization and left the money to her children as tax free income after she passed away.<p>Almost every rich family has such a trust in their name.<p>It is a good PR move because it looks like they are giving back the money, when in secret they only give away a small amount of money and keep the rest in investments to hand down to their children at a future date, etc.<p><a href="http:&#x2F;&#x2F;www.bloomberg.com&#x2F;news&#x2F;articles&#x2F;2013-09-12&#x2F;how-wal-mart-s-waltons-maintain-their-billionaire-fortune-taxes" rel="nofollow">http:&#x2F;&#x2F;www.bloomberg.com&#x2F;news&#x2F;articles&#x2F;2013-09-12&#x2F;how-wal-ma...</a><p><a href="http:&#x2F;&#x2F;www.bloomberg.com&#x2F;infographics&#x2F;2013-09-12&#x2F;how-to-preserve-a-family-fortune-through-tax-tricks.html" rel="nofollow">http:&#x2F;&#x2F;www.bloomberg.com&#x2F;infographics&#x2F;2013-09-12&#x2F;how-to-pres...</a><p>It is actually using tax loopholes to avoid paying taxes to use such an organization to hide your money in it.<p>He did not found a charity he founded a LLC:
<a href="http:&#x2F;&#x2F;www.buzzfeed.com&#x2F;alexkantrowitz&#x2F;not-all-of-mark-zuckerbergs-donation-to-go-to-charity#.cc0JbNRGO" rel="nofollow">http:&#x2F;&#x2F;www.buzzfeed.com&#x2F;alexkantrowitz&#x2F;not-all-of-mark-zucke...</a><p>The news media sort of reported it would be a charity but it is not. It is a Jackie O trust.<p>Bill Gates has his own and tried to invest $2B USD in schools:
<a href="https:&#x2F;&#x2F;www.washingtonpost.com&#x2F;news&#x2F;answer-sheet&#x2F;wp&#x2F;2014&#x2F;06&#x2F;09&#x2F;how-much-bill-gatess-disappointing-small-schools-effort-really-cost&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.washingtonpost.com&#x2F;news&#x2F;answer-sheet&#x2F;wp&#x2F;2014&#x2F;06&#x2F;...</a><p>It failed miserably, test scores did not improve, despite trying to build better and high tech schools with smaller classes and personalized learning for each student. The same thinking that went to build Microsoft can&#x27;t be used to solve socioeconomic problems because that requires a different type of thinking. Students have problems learning due to poverty, family issues, emotional and psychological issues, and other stuff. Spending the money on better schools does not address any of those problems.