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James Sorenson’s last charitable act
From the Deseret Morning News:
“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.”
Thank you James Sorenson for your great example.
A John Galt capitalist to the end. I think there’s no coincidence that he donated his fortune to charity and donated to a charity that he probably set up (taxes).
But I think the biggest upside to that is he could have put in place guidelines as to how things would be run, which means he still sees that his money is put to good use even though he is gone.
Left by Russell on 02/05/2008I read that story and had the same reaction. I was inspired. The next thing I thought was, it would be a great job to get to decide where the money goes.
Left by Janet Meiners on 02/05/2008-Janet