Estate planning can include contemplating your broader legacy. There are those who are very much committed to giving something back, and some choose to create private family foundations.
We have all heard of some of the more famous ones that were started by people who have names that we all recognize. These would include the Ford Foundation, the Rockefeller Foundation, the Bill and Melinda Gates Foundation, and many others.
When you think about the above families the word “rich” is probably going to come to mind. This can lead you to believing that starting a foundation is something that only billionaires can do.
In fact many people who do not consider themselves to be among the super wealthy can and do create private foundations. The majority of foundations in the United States, and there are tens of thousands of them, are funded with less than $1 million. It should also be noted that most of them are not staffed.
There are obvious personal rewards that go along with philanthropic actions, but there are also tax benefits that can be had if you decide to start your own private family foundation.
The best way to learn all the details is to sit down and discuss your philanthropic vision with a licensed estate planning attorney who has a thorough understanding of vehicles of charitable giving. If you would like to arrange for a free consultation we would be more than glad to provide one. You can get in touch with us to set up an appointment online by clicking this link: Free Estate Planning Consultation