Certain names echo with familiarity. They are the families who have established America’s greatest foundation. Through a foundation, they have seen their philanthropic vision take shape and, to a great extent, have defined philanthropy. Leaving a charitable legacy is a time honored way of keeping the name, principles, and interests of an individual or family alive for generations after the founder is gone.
All great dynasties have a legacy of supporting charitable causes. Although each individual has their own reasons for such support there are common values that prompt the giving impulse inherent within this tradition. Whether you are starting a new family tradition of giving, or whether you are the last remnant of your family, creating a charitable dynasty will empower you to preserve the values you hold most important.
The so-called “family foundation” has long been a powerful tool for charitable giving with significant tax, estate, and succession planning benefits. It allows for involvement in a wide range of charitable ventures, while making it possible for the donor to shape and participate in giving decisions. Strong families are built upon foundations of giving.
Legacy provides options and support for those who want to establish a Family Foundation. These include: Donor Advised Funds, Support Organizations, Endowments, and Private Foundations.
Reasons to Give
There are many motivators in giving to others. Each donor has a unique story and every gift carries with it, the values and traditions of the giver.
Preserving Values. A Family Foundation can preserve a legacy of your family values. For some donors, this means giving future generations tools for learning those values. For other donors (who may not have children), preserving values means supporting organizations and causes they care about. Legacy provides a system for keeping recipient organizations accountable to the original intention and values behind each gift.
Social & Personal Responsibility. Many give out of a sense of social and personal responsibility. Others give out of a feeling of duty or obligation to give. Because they have been given the means to do so, they feel that it is a social requirement for them to give back a portion of what they have. This duty may come because of desire for social recognition of generosity or from a quiet knowledge that the world is a better place because of their impact.
The Divine Archetype. Religious principles and beliefs play a large role in charitable donations. Some give because they wish their religious organization to thrive, or to support a religious cause. Others give because they are striving to follow the teachings and principles they believe in. Many are generous because they attribute their financial success as a gift from the Divine that they find within their own lives and beliefs.
Next Generation Training. Those who have created wealth and will leave large fortunes to their posterity worry about the effect that financial legacy will have upon the next generation. Families who successfully pass wealth from one generation to another invariably include a charitable element in their training and planning.
Financial Incentives. Often a donor will give because by giving they receive tax benefits such as:
- Immediate Deduction
- Eliminate Death Income Tax
- Removal From Estate
- Capital Gains Avoidance
- Tax Advantaged Income
- Tax Free Money For Heirs
Delivering the Promise. Legacy “Delivers the Promise” that inspires charitable giving through its various charitable initiatives and its affiliations with other highly qualified organizations. If you wish to “Bless the Whole World” by improving education, feeding the hungry, funding volunteer efforts throughout the world, micro-finance, or program related investments, Legacy can help.