Did you hear the story of Ronald Read, a gas station attendant and janitor in Vermont who died recently at age 92 with an estate worth $8 million?
Read managed to accumulate all that wealth because he lived frugally and invested wisely, in dividend paying blue chip stocks. He held his stocks in certificates so it took effort to sell them.
And on his death all of his money went to charity.
He didn’t have to pay the tax man.
A story in the Washington Post applauds Read for his financial wisdom and frugality but raises one point: he didn’t have to wait until his death to give his money away. If he had done it differently, he might have lived to see the fruits of his gifts.
But, otherwise, Read did a lot of things right. There are some lessons to be learned.
If you have questions about charitable giving, feel free to call us for a consultation at (626) 696-3145.
