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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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Set up an appointment with me at Legacy Global to discuss your charitable needs and how to talk about your situation.