Leaving a Lasting Legacy
By J. Denise Castonguay
Most successful business people feel a strong desire to give back, but what is the best way to make a meaningful contribution? Is setting up a foundation better than giving direct to a charity? If so, what is involved and what are your options?
Setting up a foundation gives you much more control than simply donating to charity. Even if you are very committed to a charity, charities change over time, and so may your interests or priorities. With a foundation, you can manage how your donation is spent, and can create a legacy of charitable giving for many generations. (If you want philanthropy to be a family tradition, you will need to accommodate different choices from other family members.)