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Just to clarify, I do agree with your sentiments. When I do have people ask about setting up a charity, I point out what I said in point 2 - a charity set up to benefit them personally is a sham and would not obtain DGR status. I don't know what they do in the US, but over here its a no go...

This is a question I field occasionally for clients who want to set up a charity that they can benefit personally from after reading about how some rich people do it. First of all, the set up costs for such a charity are around $10,000. Second, you have to get Deductible Gift Recipient...