Creating a personal foundation

[HaveEnough]

Hi,

Does anyone have experience creating and running their own foundation? From some initial research it seems a good vehicle for giving, transferring wealth, teaching kids to give, giving kids and family a place to learn about running a company (foundation) as well as getting the family together for board meetings, etc.

Years ago, seems only the ultra rich did this, but these days, apparently the rich can do it... I'm not interested in only a DAF, it does not provide as much benefit, but, yes it is cheaper to set up and manage.

Thanks

 

[free2020]

I too am interested in learning about this. Agree that it is good vehicle.

 

[yhoomajor]

Good thinking. This is how rich and powerful people keep all their money under their control and then their kids run the foundation Look no further than Clintons, Gates, Bezos et al. Also a good way to avoid lot of taxes because you get to expense most of the personal expenses as foundation expenses. Ex: travel. "Oh.. I'm going to Europe for Foundation work to attend a climate crisis summit.. wink wink".