Wednesday, June 4, 2014
America’s richest family owns half of Wal-Mart and has their name on a foundation, which is known for its vast philanthropic activities. However, a recent study shows that the second generation Walton heirs, family of Wal-Mart founder Sam Walton, have contributed very little of their personal wealth to the Walton Family Foundation. According to the study, the majority of the funds have come from tax-avoiding trusts that were set up by deceased Walton family members. The Walton family is disputing the claims and asserts that they have made large contributions to the foundation over the years.
See Clare O’Connor, Report: Walmart’s Billionaire Waltons Gove Almost None of Own Cash to Foundation, Forbes, June 3, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.