Shortly before the death of a Home Depot co-founder, he stipulated the fate of his massive fortune — and a deadline for his will to be executed.
Bernie Marcus, co-founder of the home improvement giant, died at 95 on Nov. 4 in his Florida home, according to the Atlanta Journal-Constitution.
Shortly before his death, however, Marcus set the fate of his massive $10 billion fortune. Unlike leftist elites, it seems Marcus’ wealth will be put to work bettering American society.
Marcus decided that the vast majority of his estate should be given away to charity.
The commitment is one he held for many years preceding his death, but his most recent adjustment set a time limit to the gifting of his wealth.
According to the Atlanta Journal-Constitution, the Marcus Foundation was tasked with donating roughly 90 percent of the wealth remaining after the Home Depot co-founder’s death.
Board members of the foundation, including Marcus’ wife Billi and his two sons, have been given only 20 years to donate the fortune.
In the foundation’s 35 years of existence, it has so far given away some $2.7 billion.
Marcus’ updated stipulation means the foundation must now rapidly increase its rate of giving if it hopes to meet the two-decade deadline.
Jay Kaiman, the Marcus Foundation’s president, said decision makers within the organization now “have to work very hard and be very wise” to see the money applied effectively.
“It can’t just be done writing checks,” Kaiman told AJC, “and it has to be done in an entrepreneurial way.”
Marcus largely focused on several categories to donate his wealth towards.
These areas include medical research, youth development, community support, veterans and Jewish causes.
Marcus and his wife also built buildings for public enjoyment, including the sprawling Georgia Aquarium.
Thankfully, it seems progressive politicians and other liberal causes will not be able to claim a chunk of Marcus’ wealth.
While the direction of Marcus’ fortune is now in the hands of his foundation’s board members, it appears they are more than willing to carry out their late benefactor’s wishes.
At the time of Marcus’ death his net worth was estimated to be $10.3 billion.
What an amazing idea to make sure that his money is spent wisely.
Hope to see money spent on the thousands of homeless veterans!
They should be the first to be helped!
Millions to the 40,000 and more homeless veterans only puts a small dent in the total funds!