Legacy Owners Podcast

Why Have A Family Foundation

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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:
  1. Private Foundation
  2. Public Foundation
  3. Donor-advised Funds
    4. They help instill values and traditions
    1. Involve the next generation in giving
    2. Your foundation instills charitable traditions within the family and creates generational impact to the community.
      3. Deepen social consciousness
      1. Helps the family work together on things that are important to them
      2. 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.
      3. The foundation becomes the "entity" in which family members gather to discuss problems they would like to see resolved
      4. This helps family members get to know each other on a higher level as they discuss what is truly important to them.
        5. Maintain family ties
        1. Council meetings that can be held within the foundation create more opportunities for the family to meet together.
        2. As family grows, people move for school and careers, the council meetings create an opportunity to meet more often than just Thanksgiving.
          3. Increase personal fulfillment
          1. 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.
          2. Giving exposes you to a deep sense of belonging
          3. You are more of a part of the community because you have investing time and, sometimes, money to it.
            4. Develop “real-world” skills
            1. Involving younger generations with the foundation can develop real-world skills
            2. They learn things like leadership and team work, investment management, social awareness and negotiations
            3. You can even involve school-aged children and help them develop these skills, well before their peers do.
              4. Tax Savings for You and Your Estate
              1. Reduce your income tax each year you make a contribution
              2. Depending on the gift, you can lessen or avoid capital gains tax
              3. Reduce or eliminate some estate taxes
              4. 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.

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                Legacy Owners PodcastBy Paramount Leadership