The fortune that Henry Ford, the automaker, accumulated continues to live on through the foundation that bears his name. Hulton Archive/Getty Images is the source of the text. Over two hundred and thirty of the wealthiest people on Earth, including Elon Musk, Bill Gates, and Warren Buffett, have agreed to donate a minimum of 50% of their estates to philanthropic causes during the course of their lives or through their wills by participating in the Giving Pledge. Many wealthy people, including Jeff Bezos and MacKenzie Scott, have promised to dedicate a substantial portion of their riches to charitable causes before they pass away, a stark contrast to the philanthropists of the late 1800s and early 1900s who did not make such commitment. Bezos had not signed the Giving Pledge as of early 2021. Industrial tycoons such as John D. Rockefeller (in the oil sector), Henry Ford (in the car industry) and Andrew Carnegie (in steel) set up sprawling charities that, even after all of their donations, still possess large funds. This law prevents people from having too much power in managing funds once they have died and it dates back to when it was first established in England five centuries ago. This is generally referred to as the Rule Against Perpetuities and it requires that authority over property must end 21 years after death. Still, there is a way around the rule for funds donated to philanthropic organizations, which can continue to go around in perpetuity. Without it, many of the largest philanthropic organisations in America and Britain would have shut down after using up all their money a long time ago. As someone who is an expert in legal and historical research regarding non-profit organizations, I wondered why American donors get to donate money even when they have passed away. It appears Henry VIII was also seeking property in his lifetime.
