As I have previously discussed, the estate of billionaire Tribune-Review publisher Richard Mellon Scaife recently paid a down payment of $100 million in inheritance taxes to the state of Pennsylvania. Scaife died on July 4, and left behind an estate of an estimated value of $1.4 billion. According to the terms of Scaife’s will, an undisclosed amount of trust assets will be split between two charitable foundations that he chaired for many years, the Sarah Scaife Foundation and the Allegheny Foundation. As a result, the foundations are expected to see significant growth and the Sarah Scaife Foundation will likely absorb the Carthage Foundation.
See Rich Lord, Scaife-Related Foundations Poised to Take Bigger Stage, Pittsburgh Post-Gazette, Oct. 25, 2014.
