A recent post in Fast Company highlights the increasing popularity of “giving while living” styles of charity:
The current class of high-profile wealthy elite, people like Bill Gates, Michael Bloomberg, Richard Branson, and Mark Zuckerberg, are giving away money earlier in their life than their predecessors. Some are setting up their donations or foundations in a way that their funds won’t last for generations.
They’re using a foundation type called a “Limited life foundation,” which sets a time horizon by which the entire endowment must be spent and the nonprofit foundation itself must be shut down. It’s a very cool outlook on charity and giving that I think aligns with the attitude of many tech elite: succeed on merit, enable others to do so as well.
It’s certainly a “first world problem,” but I do think it presents a Brewster’s Millions type of challenge: how can an organization possible spend billions of dollars effectively in a 40-60 year time frame?