Assessing your philanthropic goals
The Council on Foundations suggests that considering the following questions will help you determine whether a family foundation is the best way to achieve your philanthropic goals:
• What values do you plan to express through your giving?
• Do you wish to involve others (such as extended family or employees)? To what extent?
• What is the geographic scope of your philanthropy?
• How long do you want your philanthropy to operate? Years? Decades? Forever?
• Do you prefer supporting others’ work or hands-on participation?
• To what degree are you comfortable delegating tasks (such as investment management or correspondence)?
• How much time can you devote to administering your philanthropy?
• What are the tax consequences?