IT'S THE GIFT that keeps on giving— albeit small but steady flow of donations from family foundations. For the families running them however, it's getting increasingly harder to get donors to notice the effort.
In the face of big-time charities – the Gates Foundations, the Case Foundations, former presidents and the Rockefellers of today – small family charitable foundations are having trouble making it into the donor spotlight. It’s an unfortunate problem of recognition that the Wall Street Journal focuses on in an article entitled “Small-Fry Family Foundations,”
Many new retirees are ready for a new challenge with a focus on giving back. After all, once they are playing the “back nine” of life, several new retirees are looking for a way to make a difference with the fruits of their life’s work. Many choose to create a family foundation to make the most meaningful use of their time and money, not to mention, the best means to achieve their charitable objectives.
How unfortunate it is then to see such lofty objectives fall by the wayside or simply go unnoticed because they're eclipsed by super-stars: the big charitable foundations. It's just another example of the mom-n’-pops going under, this time, when it comes to charity. Why should we care? Because these smaller foundations offer charitable solutions that are closer to home ofimes twith less overhead than the big charitable foundations.
So what ingredients make a family foundation successful? How do you steal a bit of the limelight to help your cause? These are things to think about even as one forms their foundation. The original article contains advice and a case study or two to ponder if you already have or are considering creating a family foundation.
You can learn more about this topic as well as other strategies on our website under the tab entitled: charitable planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.
Reference: The Wall Street Journal (March 28, 2014) “Small-Fry Family Foundations”