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Billionaire James Sorenson leaves his [entire] fortune to charity
Deseret Morning News ^ | Monday, Feb. 4, 2008 11:54 a.m. MST | By Jasen Lee

Posted on 02/04/2008 12:08:29 PM PST by Dr. Zzyzx

The family of Utah inventor and billionaire philanthropist James LeVoy Sorenson said today that he willed his entire personal fortune to charity.

Sorenson died of cancer last month at age 86.

Last year, Forbes Magazine estimated his wealth to be approximately $4.5 billion.

Sorenson was known for his numerous medical inventions and successful business endeavors, in addition to his dedication to charitable causes. His son, James Lee Sorenson, said his father had talked about leaving his vast fortune behind to help various worthy causes.

"Over time, particularly the last 10 to 20 years having been successful, he asked himself, 'What is it that I can do with my wealth?' And he came to this conclusion."

James Lee Sorenson said the Sorenson Legacy Foundation will administer and choose which deserving organizations will receive gifts from his father's estate. Previous beneficiaries of gifts from the foundation have included Gallaudet University in Washington, D.C., a college for deaf and hard of hearing students, and the University of Utah.


TOPICS: News/Current Events; US: Utah
KEYWORDS: billionaires; charity; philanthropy
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1 posted on 02/04/2008 12:08:30 PM PST by Dr. Zzyzx
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To: Dr. Zzyzx

Good for him. Very admirable.


2 posted on 02/04/2008 12:10:25 PM PST by joebuck
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To: Dr. Zzyzx

Probably a very wise decision tax wise. His son administrates and gets perks/salary, they help causes they deem worthy and the tax man gets....? no doubt much less than he would have if the money had gone to family/friends. Much to admire.


3 posted on 02/04/2008 12:13:59 PM PST by socialismisinsidious ( The socialist income tax system turns US citizens into beggars or quitters!)
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To: joebuck

except that in a generation or two that money will support very wierd causes.

henry ford’s foundation these days supports things like the azatlan movement that seeks to split off the US southwest from the US and either form a seperate country or merge it with mexico.


4 posted on 02/04/2008 12:15:07 PM PST by ckilmer (Phi)
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To: Dr. Zzyzx

My fear is that within ten years time this fortune will be entirely under the control of leftists who will use it to institute socialistic world government.


5 posted on 02/04/2008 12:15:25 PM PST by rogue yam
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To: ckilmer
"henry ford’s foundation these days supports things like the azatlan movement that seeks to split off the US southwest from the US and either form a seperate country or merge it with mexico. "

I happen to agree with that one...Mexifornia first.

6 posted on 02/04/2008 12:17:15 PM PST by Mr. K (Some days even my lucky rocketship underpants don't help)
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To: Dr. Zzyzx
OOOh those EVIL rich. Hillary would love to tap into that.
7 posted on 02/04/2008 12:18:06 PM PST by bikerman (_ _ . /_ _ _ /_ . . / / . . . . / . / . _ . . / . _ _ . / / . . _ / . . . //)
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To: laurenmarlowe

Ping...


8 posted on 02/04/2008 12:18:39 PM PST by HiJinx (~ Support our Troops ~ www.americasupportsyou.mil ~)
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To: socialismisinsidious
Not a bad move, creates a family structured job mill. Keeps the money in the family, and allows the later grandkids to continue to adminster it.

Now if the parents can just pass along the same values as the father.

9 posted on 02/04/2008 12:18:51 PM PST by Pistolshot (Those with a lively sense of curiosity learn something new every day of their lives.)
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To: rogue yam

Why do you fear what other people do with their money?


10 posted on 02/04/2008 12:20:24 PM PST by trumandogz
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To: Dr. Zzyzx
James Lee Sorenson said the Sorenson Legacy Foundation will administer and choose which deserving organizations will receive gifts from his father's estate.

I'd have laid out where it should go in my will. Cut out the middlemen, or as many as I can. $4 billion is going to attract a lot of parasites and graft-seekers, and I'm betting a good chunk of that money will wind up earmarked for the hefty salaries of the employees of the Sorenson Legacy Foundation.

11 posted on 02/04/2008 12:23:29 PM PST by SpringheelJack
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To: Mr. K
Are your rocketship underpants a bit tight?

As a born and bred Texan, I say screw Atatlan!

I remember the Alamo! I remember Goliad, Gonzales, San Jancinto, and all the rest.

You go be part of Mexico if that's your heart's desire. As for me, I'll have no part of it!

12 posted on 02/04/2008 12:28:05 PM PST by basil (Support the Second Amendment--buy another gun today!)
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To: SpringheelJack

James Lee Sorenson said the Sorenson Legacy Foundation will administer and choose which deserving organizations will receive gifts from his father’s estate.
I’d have laid out where it should go in my will. Cut out the middlemen, or as many as I can. $4 billion is going to attract a lot of parasites and graft-seekers, and I’m betting a good chunk of that money will wind up earmarked for the hefty salaries of the employees of the Sorenson Legacy Foundation.


Something tells me he didn’t just willy-nilly say it goes to “whatever”. You should see some of the trust creation documents out there. Pretty detailed. Not that a trustee can’t subvert them, but at least a grantor can try.

But if we wanted to just say “spend it on whatever”, it’s his money, and I would like to assume someone that smart(?) is a student of history to know what will happens when he is gone. Either way not by side of the street.


13 posted on 02/04/2008 12:29:34 PM PST by freedomlover (Make sure you're in love - before you move in the heavy stuff)
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To: ckilmer
"except that in a generation or two that money will support very wierd causes."

That would be a danger whoever he left it to. Most trust fund babies are hard core libs.

14 posted on 02/04/2008 12:29:52 PM PST by joebuck
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To: ckilmer

I’ve got a weird cause for them to donate to right now. The Dr. Zzyzx Fund for underprivileged Dr. Zzyzx. I’m only going to ask for a measly one percent.


15 posted on 02/04/2008 12:33:53 PM PST by Dr. Zzyzx
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To: Dr. Zzyzx

Another Mormon in the news...


16 posted on 02/04/2008 12:34:01 PM PST by maui_hawaii (the Clintons are in it for themselves, not for the country)
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To: Dr. Zzyzx

Another left wing foundation?


17 posted on 02/04/2008 12:34:40 PM PST by nickcarraway
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To: bikerman

(_ _ . /_ _ _ /_ . . / / . . . . / . / . _ . . / . _ _ . / / . . _ / . . . //)

Godhelpus


18 posted on 02/04/2008 12:36:14 PM PST by edcoil
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To: trumandogz

“Why do you fear what other people do with their money?”

Wouldn’t you fear HCI or the ACLU if they had a few billion dollars to try to destroy your rights or your way of life. I would. Besides, no one said he shouldn’t be allowed to give his money to anyone he wants.


19 posted on 02/04/2008 12:36:21 PM PST by Hacklehead (Crush the liberals, see them driven before you, and hear the lamentation of the hippies.)
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To: Dr. Zzyzx

Xtinct Shopping Account would be delighted to accept a donation :o)


20 posted on 02/04/2008 12:38:37 PM PST by xtinct (I was the next door neighbor kid's imaginary friend.)
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