If you or your family has a high enough net-worth or accumulated wealth, in these desperate times you may want to share it with others less fortunate through a private family foundation.
Charity Appreciated Regardless of Size
There are many large, well-known private family foundations, such as the Rockefeller Foundation. Some of those have large staffs, conduct research, and serve many public purposes. However, it is estimated that there are about eighty thousand private foundations in the United States. Most are unstaffed. The assets of two thirds are less than $1 million. Yet their gifts provide much needed assistance to organizations and causes who depend on their charity.
Considered tax exempt and nonprofit entities, private foundations follow the desires of the donors. They are required to disburse five percent of endowment income each year at a minimum. Such foundations are set up with a formal structure, which designates a board of directors or trustees. If unstaffed, they will often use consultants to advise them and do administrative work.
Certain associations serve private foundations. They can provide invaluable service to your family’s charitable instincts. The list includes: The Council on Foundations, Grantmakers for Effective Organizations, The Association of Small Foundations, The Philanthropy Roundtable, and The Association of Small Foundations.
Contact Unsworth LaPlante, PLLC in Vermont to guide you in charitable giving through proper estate planning.