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For Charitable Giving, the Family Foundation Offers Significant Benefits

March 8, 2013Asset Protection, Estate Planning

If you are developing an estate plan and want to make charitable giving a centerpiece of your efforts, you might want to consider creating a family foundation. While most people associate family foundations with wealthy people such as Bill Gates or John D. Rockefeller, people of more moderate means can still take advantage of these tools if they wish to make charitable donations an important element in their estate plans.

Numerous Options

There is no single blueprint to creating a family foundation. If you want to create such a foundation, you will have to discuss your wishes and your options with your attorney. What kind of options? First, you can choose whether you want the foundation to accept donations from the public or to be solely funded by family money.

Second, you can decide whether you wish to remain in control of the foundation or allow the foundation to be run by, for example, a board of directors. You also have to consider what kind of charities you will want the foundation to support and how long you will want the foundation to last.

Significant Benefits

One of the great benefits of creating a family foundation is the ability to control and direct how foundation funds are used. For example, if you want to make a charitable donation to an organization, you don’t always have the option of being able to choose how you want that money spent. With the family foundation, on the other hand, you have the ability to create an organization that will use the money in accordance with strict criteria that you can create.

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Michael Robinson, Estate Planning Attorney

Michael Robinson, Estate Planning Attorney

Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney

Latest posts by Michael Robinson, Estate Planning Attorney (see all)

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Several educational workshops coming up around the Finger Lakes you don’t want to miss.   About Latest Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see... Read more →

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Our overall experience was one of thoughtfulness, clarity and comprehensiveness on the part of Michael Robinson, his staff and associates. We attended Michael’s seminar on legacy wealth, and found him to be clear and well-spoken. He touched on all aspects of Estate Planning in which we were interested. Our first of two visits to his office was timely and helpful enough for us to consider develop…
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Establishing a Family Wealth Trust through the Law Office Of Michael Robinson P.C. has been a positive experience, the staff is congenial, patient, thorough, professional and knowledgeable. We certainly are comfortable and confident with our decision.
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Over the years we have been to many programs regarding Estate Planning. We were most impressed with Mr. Robinson’s presentation – both in subject matter and explanation in an understandable manner. We have put our “trust” in his competent hands. We were not aware of the complexity and the volume of paperwork generated for this undertaking. We found his staff to be most capable and client orien…
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