‘Forbes’: a Suggestion for Warren Buffett

Warren Buffett is making a big mistake by waiting until he dies to give his money to charity, says Forbes (December 15).

“Consider what’s happened to three of the best-known and richest foundations — Ford, Carnegie, and Rockefeller,” the magazine says. “Their founders were exemplars of laissez-faire capitalism. They all had strong ideas about how the world worked, what virtue was, and how it would be rewarded. Today, however, the liberal pooh-bahs who run their foundations waste much of the income on left-wing causes that would appall their original donors.”

The magazine not only offers tips to billionaires but also provides a “how-to-give primer” that explains different approaches, such as charitable remainder trusts, pooled-income funds, and bequests. It also offers this tip for cash donors: “Consider using a card tied to frequent-flier miles. The charity gets a nice contribution. You get a trip to Bermuda.”