| A private family foundation can have many benefits. | | | | Instead of selecting activities that are truly exciting |
| And yes, the tax savings can be substantial and are | | | | to them, those people take on programs that they |
| probably at the top of your list. Yet there is an even | | | | believe are more politically correct. As their |
| more important issue you must consider before | | | | enthusiasm wanes, their commitment generally wanes |
| making the decision to start your own. Read on to | | | | as well. |
| discover how to make your foundation truly | | | | If you want to avoid having that happen to you and |
| rewarding. | | | | your private family foundation, you should think |
| It's a very bad idea to walk into creating your | | | | seriously about what exactly you would really like to |
| foundation blindly. Instead, spend some careful | | | | accomplish. What are the activities they would like to |
| thought on your long-term goals for the foundation | | | | be able to do as part of your work for the |
| and the commitment that will be required both of | | | | foundation? |
| you and your entire family. And then, there are all | | | | Do you enjoy gourmet cooking? Are you interested |
| those administrative requirements. Make sure you're | | | | in exploring other cultures? If so, you should work on |
| really ready by spending time on the most important | | | | finding ways to incorporate those into your |
| issue of all. | | | | foundation by building it around those activities. You |
| Choose the right goals | | | | could for example set up a foundation that provides |
| In order to ensure that you're ready to stick with | | | | international gourmet cooking classes for economically |
| your foundation for the long haul, you have to make | | | | disadvantaged teenagers. |
| sure that you choose the right goals. Those goals | | | | If you pursue activities that are of real interest to |
| must be truly yours -- and they need to have staying | | | | you as the founder and your families, your private |
| power. It's essential to get really clear about what | | | | family foundation becomes a mechanism where you |
| you want from your foundation. | | | | can legally tax leverage and institutionalize your |
| What happens if you don't? The number one problem | | | | hobbies and passions. |
| I've seen with people setting up foundations is that | | | | And if you get that part right and you have carefully |
| many of them neglect that crucial step and focus | | | | integrated your foundation in your overall life plan, |
| strictly on the immediate tax benefits, which can be | | | | working with it can become so rewarding that the |
| substantial. Unfortunately, that can easily get in the | | | | considerable commitment involved won't be too |
| way of developing a real philanthropic program. | | | | much of an issue. |