"This is the relevant information I brought back from Hong Kong. Although it exists in Beijing, it's not mature yet. I only have this idea. As for how to do it in the end, I still need to think about it carefully."
"Let me take a look first."
"Okay, Dad!"
"Mianmian, are you really planning to put your money in this so-called foundation?"
"I have this idea, but I won't put everything in it."
The old saying goes that wealth doesn't last three generations, but there are many families abroad that have been wealthy for dozens of generations. I don't want my children to become estranged because of this money; that's the last thing I want to see.
"But is this money really safe to keep somewhere?"
"I've heard that foreigners are doing a good job, and Hong Kong is doing a pretty good job, but the mainland is still lacking in this area."
I plan to set aside a portion of the money to establish a charitable foundation and learn from this model. If it works out, it shouldn't be a bad idea.
"I do know about charitable foundations. After all, the First Lady of the Republic of China established a foundation, and I heard it was quite successful."
So, what kind of charitable foundation are you considering establishing?
"I haven't decided yet, but I have some ideas, such as a scholarship fund, to help rural children realize their dream of going to university. After all, it's still very difficult for rural children to go to university these days!"
Furthermore, with the country's development, the number of laid-off workers is increasing, making it increasingly difficult for the government to arrange jobs for college graduates.
"Just providing for their university tuition isn't a small amount! Shouldn't we just ask them to return it?"
"No, I won't just leave them without asking for their return. I will require them to work for my company or enterprise for ten years after graduation before they can leave."
"So you can guarantee that the majors they study will be the kind of talent your company needs?"
"I can't be sure about that, but my company is involved in many industries. Not all of their university majors will lead to jobs in the company or enterprise, but they can still provide employment opportunities."
Moreover, the number of jobs that can be found in one's related field after a career change is likely to decrease in the future.
"But Mianmian, do you know if there's one industry among your businesses that you're involved in?"
"Dad, what's missing?"
"Education, that's the key!"
"Dad, education is indeed lacking, but that's not really the focus."
"Why are you having trouble adapting to the key points?"
“Since they are studying education, I can cooperate with the local government. As long as they graduate and return to work locally, I may not need them to return! The premise is still that they are not allowed to leave their posts for ten years. As for whether they resign, change jobs, or even start their own businesses in the future, I will not interfere.”
"What if we take the postgraduate entrance exam after graduating with our bachelor's degree? Will you still provide financial assistance then?"
"That's not a problem either! But the requirements for this are much stricter than those for undergraduate studies!"
"Aren't you afraid that someone will cheat or something? Don't forget, some people will even take the college entrance exam for someone else just to get into university."
"Dad, this is something we can do with universities and local civil affairs departments. And now that the country has personal ID cards, we should be able to check this at the local police station without any problems."
"In my opinion, this charitable foundation is probably more difficult to manage than a family trust, after all, the scope of this entity is too broad."
"But shouldn't we give back to society after making money?"
"That's absolutely right. Besides the scholarship fund, what other charitable work should you do?"
"Let's help veterans with disabilities! Although the government provides some subsidies every year, only a small number of people actually receive the money."
"Mianmian, isn't this amount too large, considering our country?"
"Mom, no, I don't plan to give them money. Besides, for elderly people like you and Dad, they might not be willing to buy food even if we give them money. I plan to give them some New Year's gifts or something during holidays."
Are there any specific regulations?
"Yes, this is what I think about it. Before the founding of the People's Republic of China, regardless of party affiliation, as long as they were veterans who participated in the War of Resistance Against Japan or the War of Liberation, and were still alive, they would be given a bag of flour, a bag of rice, a barrel of oil, and ten catties of meat during festivals."
As for veterans who served after the founding of the People's Republic of China, except for those who are disabled or from impoverished families, all others will receive benefits after reaching the age of sixty.
"Is it the same treatment?"
"right."
"That's no small sum of money!"
"Mom and Dad, if you put your assets or money in a foundation, it will automatically generate income. For example, if I put 100 million yuan in here, I don't need to do anything. It will just accrue interest, which will amount to more than 2 million yuan a year. That money can be used to buy these things, and it will be more than enough."
As for other examples, I'm putting the building that the Li family is currently using inside. Even if the Li family goes bankrupt one day, this building will have nothing to do with me.
He belongs solely to this foundation; he can be rented out, and the rent collected each year can help other people.
"So if we follow your logic, and one day our family gets investigated by higher-ups for some reason, will they not be able to seize the money or the building?"
"As long as the foundation doesn't get involved in anything illegal, it won't."
"Then this doesn't belong to our family anymore?"
"You could say that, but it's still our family's property, it's just that we can't control it."
"How is that possible?"
“Nothing is impossible. From the moment this foundation is established, I will hold a position within it. Every decision must be reported to me. Even if I have no decision-making power or the right to veto, this is still an asset under my name, just in a different form.”
"But what does this have to do with family trusts?"
"Mom, my main purpose in setting up a family trust is simply to ensure that my children will have a stable income in the future."
No matter what profession they pursue in the future, or whether they go into business, even if they lose money, they won't be unable to live due to lack of funds.
"But what's the difference between this and giving them the money directly?"
"The difference is that they don't become unrestrained just because they have money, and they don't invest recklessly without considering the risks."
Another point is that I don't want my children to have to give up a portion of the money I earn if they encounter unhappy marriages in the future.
"You're being far too pessimistic!"
"But Mom, that's just reality!"
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