A private foundation can help you instill values in your children, prevent “affluenza,” teach fiscal responsibility and business skills, and even help older children get a leg up in today’s fiercely competitive job market—all while uniting the family in meaningful work. And because a private foundation can be set up to exist in perpetuity (with assets that grow in a tax-advantaged environment), your family’s foundation can become a living heirloom, passed from one generation to the next as a philanthropic legacy. Here are just a few ways that having a private foundation can help you build a better family today and for generations to come.
A foundation lets your children see you live your values as you champion the causes and issues that define your worldview. More importantly, it gives your children a chance to actively participate, researching potential grantees, bringing their own insights to the table, and experiencing first-hand the rewards of giving. And if your family wants to try out its own ideas for making a difference, a private foundation allows you to get hands-on with your own direct charitable activities. Whether you want to bring indestructible soccer balls to kids in war-torn countries, set up an organic food pantry in your home town, or present an oversized check to a sanctuary for rescued animals, a private foundation allows you to make your philanthropy uniquely your own.