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quickesst

(6,280 posts)
Mon Feb 24, 2020, 12:20 PM Feb 2020

Kirk Douglas leaves entire Fortune to charity

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

34 replies = new reply since forum marked as read
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Kirk Douglas leaves entire Fortune to charity (Original Post) quickesst Feb 2020 OP
Good on him! Rebl2 Feb 2020 #1
Spartacus Botany Feb 2020 #2
Thank you Kirk. Zoonart Feb 2020 #3
Maybe it's just me, rsdsharp Feb 2020 #4
Taxes? nt csziggy Feb 2020 #9
Don't think so. rsdsharp Feb 2020 #11
None of the $10 million is subject to federal estate tax nitpicker Feb 2020 #31
His wife is still alive Jarqui Feb 2020 #17
Anything to organizations that address the sexual assault of children? That would be nice. WhiskeyGrinder Feb 2020 #5
My thought too. Pacifist Patriot Feb 2020 #6
He gave nothing to the Catholic Church. CaptYossarian Feb 2020 #7
Touche Rorey Feb 2020 #21
Always a class act. nt. BlueIdaho Feb 2020 #8
to the very end and beyond rurallib Feb 2020 #12
How so? He allegedly raped an actress.. HipChick Feb 2020 #14
Not allegedly. True. efhmc Feb 2020 #19
Ditto - JustAnotherGen Feb 2020 #26
It is so sad that even now we do not believe her. The mantle of male efhmc Feb 2020 #27
I posted about this years ago JustAnotherGen Feb 2020 #29
I post in that group but do not remember seeing it. efhmc Feb 2020 #30
Beat her savagely and then raped her obamanut2012 Feb 2020 #32
https://www.distractify.com/p/kirk-douglas-natalie-wood-assault efhmc Feb 2020 #20
Good news. mountain grammy Feb 2020 #10
Our Dad did that too, but no_hypocrisy Feb 2020 #13
Wow. Sorry to hear that. PatrickforO Feb 2020 #15
Point in his favor Maeve Feb 2020 #16
On behalf of my employer for 7 years, CHLA (Children's Hospital of Los Angeles) mnhtnbb Feb 2020 #18
It's excellent, but 84% is not "entire". . . . nt Bernardo de La Paz Feb 2020 #22
His wife is still alive. HarlanPepper Feb 2020 #28
He did a great thing here, do we seriously need to nitpick at his decision? Cripes! C Moon Feb 2020 #23
I agree quickesst Feb 2020 #24
No Good Deed Goes Unpunished Roy Rolling Feb 2020 #33
Maybe.... quickesst Feb 2020 #34
Right Wing Media trashing Kirk for "snubbing" Michael worth $300 mil. SleeplessinSoCal Feb 2020 #25

rsdsharp

(9,042 posts)
4. Maybe it's just me,
Mon Feb 24, 2020, 12:37 PM
Feb 2020

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.

rsdsharp

(9,042 posts)
11. Don't think so.
Mon Feb 24, 2020, 12:55 PM
Feb 2020

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

(7,153 posts)
31. None of the $10 million is subject to federal estate tax
Tue Feb 25, 2020, 08:43 AM
Feb 2020

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

(10,110 posts)
17. His wife is still alive
Mon Feb 24, 2020, 01:39 PM
Feb 2020

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.

JustAnotherGen

(31,683 posts)
26. Ditto -
Mon Feb 24, 2020, 03:22 PM
Feb 2020

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

(14,709 posts)
27. It is so sad that even now we do not believe her. The mantle of male
Mon Feb 24, 2020, 03:32 PM
Feb 2020

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

(31,683 posts)
29. I posted about this years ago
Mon Feb 24, 2020, 04:44 PM
Feb 2020

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

(14,709 posts)
30. I post in that group but do not remember seeing it.
Mon Feb 24, 2020, 05:22 PM
Feb 2020

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.

efhmc

(14,709 posts)
20. https://www.distractify.com/p/kirk-douglas-natalie-wood-assault
Mon Feb 24, 2020, 02:11 PM
Feb 2020

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.

no_hypocrisy

(45,774 posts)
13. Our Dad did that too, but
Mon Feb 24, 2020, 01:24 PM
Feb 2020

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."

mnhtnbb

(31,319 posts)
18. On behalf of my employer for 7 years, CHLA (Children's Hospital of Los Angeles)
Mon Feb 24, 2020, 01:52 PM
Feb 2020

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



quickesst

(6,280 posts)
24. I agree
Mon Feb 24, 2020, 02:57 PM
Feb 2020

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

(6,855 posts)
33. No Good Deed Goes Unpunished
Tue Feb 25, 2020, 11:07 AM
Feb 2020

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

(6,280 posts)
34. Maybe....
Tue Feb 25, 2020, 12:54 PM
Feb 2020

.... "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

(8,998 posts)
25. Right Wing Media trashing Kirk for "snubbing" Michael worth $300 mil.
Mon Feb 24, 2020, 03:12 PM
Feb 2020

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/

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