Many people would like to leave money for the greater good when they retire or after they have completed their life experience. Some people would like to establish private foundations because they would like to give back to the world that has given them so much. This is quite a noble thing, and it is extremely popular in the United States. Today, there are nearly 76,000 private foundations in the US, and that number is growing every year.
If you’re a financial investment advisor to the wealthy, or want to set up your own private foundation, there’s a great book I think you should read. It is quite complete, and I think it could help you a lot to achieve this goal. The name of the book is;
“Private Foundations: Tax Law and Compliance, Third Edition” by Bruce R. Hopkins and Jodie Blazek, published by John Wiley and Sons Inc., New York, New York, 2008, (768 pp).
Private foundations don’t just give away money, they give away well-placed money and can greatly influence our society, so while some people think it’s all about money and gifts, it’s more than that. And the authors do their best to explain this in the first two chapters. Hopkins and Blazek also explain the soul-searching that must be done before a family makes the decision to establish a foundation.
The authors explain that almost $37 billion will be donated in 2007 and this will represent nearly 13% of all charitable giving in the United States. So this is a lot of money going back to help the greater good. But even if you have a small foundation just for your family, you won’t be alone, more and more of these types of foundations are being formed every year, and the amount of spending they do is also increasing.
The authors admit that during recessions, the number fluctuates, but the reality is that foundations are part of the foundation of our nation. In fact, I think you should pick up a copy of this book, read it, and think about it. Please consider all of this.