Structuring philanthropy to fulfill family goals
Ultra-high-net-worth families often share their wealth through philanthropy for various reasons – reasons that sometimes can be very personal. Family leaders may view philanthropy as an important part of their legacy, a means to leave a better world for future generations. There are many good options for engaging in philanthropy, depending on your particular goals over a certain time period. One of the options is forming a private foundation.
Whether you are in the beginning stages of exploring organized charitable giving solutions, or already well into the process of establishing and managing your family's private foundation, this article explores the questions most often encountered in both stages. The article discusses:
- When a family should consider forming a private foundation, including advantages and disadvantages.
- Initial considerations and details on the process.
- Activities the foundation will manage and resources required to run it efficiently.
- Internal controls to support the foundation in fulfilling its intended purpose.