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ESTATE PLANNING FOLLIES: Disappointing Results of Setting Up Family Foundations to Teach Children Philanthropy

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I talk with hundreds of families each year about generous giving and wise estate planning. I can’t tell you how many times affluent parents or grandparents have said to me, “We want to set up a family foundation.” Notwithstanding the worthy causes listed in the conversation that follows, the underlying donor intent often emerges with words something like this: “We just want to teach our children about generosity and provide a means for them to be involved in giving.” Unfortunately, it very rarely works out as parents or grandparents anticipate. Continue reading

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