For families with vast wealth, there is often an impulse to use the money to further the various philanthropic causes family members might have. A wide variety of methods exist to bring these plans into action and one that should be considered is the family foundation. While these are expensive to establish, it offers the benefit of being able to control the direction of the charity and making the family feel connected to the beneficial acts that are being done in their name. When an individual has reached the pinnacle of their field, legacy often becomes a key motivating factor and a family foundation gives them the chance to pass their ideals down to the next generation in a way that will help others.
See Russ Alan Prince, The Appeal Of Family Foundations, Forbes, April 30, 2015.
