Sophie Alexander

Marlene Engelhorn plans to let 50 strangers decide the fate of her inheritance.

Private foundations are using donor-advised funds to sidestep federal laws designed to make sure the wealthy donate money to the needy in a timely fashion, not defer the gifts for generations.

Under IRS rules, donors can both deduct the value of the gift and avoid any capital-gains tax on the investment.

Bernard Madoff’s death in prison doesn’t change much for his victims, many of whom are still waiting to be made whole.

Despite lingering uncertainty over the U.S. election, the country’s ultra-rich already have plenty to celebrate from Silicon Valley to Illinois.