Sep 14, 2020
Why Have A Family Foundation
You can also watch this episode on Youtube
There are a lot of details that can go into having a family foundation. Here are a few ways to create a Family Foundation:
* Private Foundation
* Public Foundation
* Donor-advised Funds
They help instill values and traditions
* Involve the next generation in giving
* Your foundation instills charitable traditions within the family and creates generational impact to the community.
Deepen social consciousness
* Helps the family work together on things that are important to them
* Many activities such as work, kids school and extra curricular activities, make it more difficult for families to talk about things that matter, let alone take action on.
* The foundation becomes the "entity" in which family members gather to discuss problems they would like to see resolved
* This helps family members get to know each other on a higher level as they discuss what is truly important to them.
Maintain family ties
* Council meetings that can be held within the foundation create more opportunities for the family to meet together.
* As family grows, people move for school and careers, the council meetings create an opportunity to meet more often than just Thanksgiving.
Increase personal fulfillment
* The benefits of philanthropy, however, are not exclusive to the recipients. Givers can also benefit from donating their time. As they give more, they often find they receive more.
* Giving exposes you to a deep sense of belonging
* You are more of a part of the community because you have investing time and, sometimes, money to it.
Develop “real-world” skills
* Involving younger generations with the foundation can develop real-world skills
* They learn things like leadership and team work, investment management, social awareness and negotiations
* You can even involve school-aged children and help them develop these skills, well before their peers do.
Tax Savings for You and Your Estate
* Reduce your income tax each year you make a contribution
* Depending on the gift, you can lessen or avoid capital gains tax
* Reduce or eliminate some estate taxes
* Grow charitable contributions by investing those funds and increasing the potential giving for future generations.
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