What is a family foundation?

If you have considerable assets to gift and the time to run it, establishing a family foundation is an excellent way to keep your philanthropic legacy alive after you are gone. The benefits of using a foundation as your charitable gifting vehicle are numerous, starting with the amount of control you will retain over how your gifts are used. In addition, creating a charitable foundation makes it much easier to involve your children and/or grandchildren in your philanthropic endeavors.  Running a foundation requires a considerable amount of your time and attention while you are alive though, particularly if you plan to grow the foundation by soliciting gifts from other donors as well. Not only do you continue your legacy of charity, but you also pass down that legacy to future generations when you create a family foundation.