Family Foundations
Whether a family is wealthy or not, throughout the year they give (or would like to give) charitably to something. Many give to their church, orphan network, missionaries, humane society, American Red Cross, or other charitable organizations. To give to a charity you need to know of the charity you want to give to.
Instead, a family should have their own foundation or family project with 501c3 status that they can give to on a monthly or yearly basis. The funds given to the foundation are instantly tax deductible, and are maintained, like a savings account, in their account. Then when they give charitably, they can give out of the funds in their foundation when the time arises with more effectiveness and ability.
You have checking accounts, saving accounts, and investment accounts for all your income and spending. You should also have an account for your family charitable giving… Ocean Grand can help you get started.
Once you start a family foundation it is yours forever. You might find that others want to give to your causes and eventually you may want to will your family’s foundation to your children to continue running once you are gone.
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