Leaving a legacy, large and small (Page 1 of 4)

Leaving a legacy, large and small (Page 1 of 4): "Leaving a legacy, large and small
By Jay MacDonald • Bankrate.com


Want to establish an endowment chair at your dear alma mater? Donate your art collection to a museum? Underwrite a hospital wing or research facility?

If you're in the position to make a multimillion dollar gift to charitable causes and would like to leave a legacy of philanthropy to inspire your heirs, a private foundation gives you maximum flexibility over how the money is invested and where it ultimately goes.

But if your philanthropy isn't in the seven-figure range and you would still like to leave your mark, and perhaps your family name, on a worthy cause, you may find a donor-advised fund, or DAF; a supporting organization, or SO; or the new upstart donor-managed investment , or DMI, fund much easier to set up and more tax-efficient."