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George Soros planning to turn over estate to his foundation

George Soros recently turned his foundation Open Society Foundations into the second largest organization in the United States. Soros received notice after donating $18 billion to his foundation, in an attempt to lessen the amount of taxes he has to pay this year. George Soros and other financial managers must pay taxes on fees made from offshore funds by the end of 2017. Many avoid the massive tax fees by making contributions to charities and nonprofits such as the Open Society Foundations.

George Soros’ announced $18 billion dollar donation, will be spread out of several years. This is part of his intentions of transferring his many assets to the Open Society Foundations. The foundation confirmed George Soros is planning on leaving his wealth with the Open Society Foundations. The Open Society Foundations is right behind the Bill and Melinda Gates Foundation, in terms of wealth. George Soros is the chairman of the Open Society Foundation, while three of his kids serve as board members.

George Soros and his family lived in Hungary. As a child, Soros survived the Nazi occupation and helped others escape the occupation. George Soros also managed to escape Communist Hungary as well and fled to London. While in London, George Soros worked as a railway porter and studied at the London School of Economics. George Soros later emigrated to the United States, where he established himself on Wall Street. George Soros is best known as the man who broke the Bank of England, after making a bet that the United Kingdom would devalue the pound. George Soros became one of New York’s best investors and started his own firm, the Quantum Fund. The Quantum Fund later ended up investing in support of the Soros family and the Open Society Foundations. Starting out in New York, George Soros worked for F.M. Mayer in the 1950s.

George Soros is probably best known for being a major financial contributor to Democrats and certain liberal causes that are close to him. George Soros has been working at promoting democracy, human rights and ensuring a free press across the world. George Soros was a key contributor to Hillary Clinton’s 2016 presidential campaign. He’s currently working with programs that protect gays and lesbians and the Roma people. Soros is also concerned with reducing police abuse. The foundation was instrumental during the Ebola outbreak, when they funded treatment centers.

Other than his recent $18 billion donation, George Soros has been making yearly donations between $800 to $900 million to the Open Society Foundations. The foundation says that Soros is expected to donate another $2 billion. George Soros continues to help those being targeted in hate crimes. George Soros has made a rather large impact all over the world. Despite his age, George Soros is still active with his organization’s work. Soros’s foundation has spent nearly $900 million on grants and visas. George Soros continues to be instrumental through his philanthropy work in the U.S. and around the world, where it’s needed the most.

About George Soros: foreignpolicy.com/2017/10/10/whos-afraid-of-george-soros/