Billionaires who sign pledges to give away over half of their fortune are under no legal obligation to follow through with the pledge. Wealth Planning Attorney David Scott Sloan says that the giving pledge emphasizes that this is a moral pledge. This distinction eliminates the possibility that signers of the giving pledge can sue fellow billionaires who do not act accordingly.
"When I give money to charity and I pledge to pay it over five years, I actually sign a contract," said Mr. Sloan. “These are people who sign lots of pledges like that and wanted, I'm sure, to make it very clear it's a moral direction as opposed to a legal direction."
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