The Wealth Report - WSJ.com : The Wishes of the Dead

The Wealth Report - WSJ.com : The Wishes of the Dead: "The Wishes of the Dead

“Giving while living” is all the rage in philanthropy today. Rather than using their fortunes to set up perpetual foundations that will linger on after their deaths, the rich want to personally oversee the spending of their charitable dollars while they’re alive. The principle was best illustrated by Warren Buffett’s recent announcement that he wants his billions spent within 10 years of the closing of his estate.

Now, news from Princeton University helps to shed further light on why speed-givers like Mr. Buffett are so averse to perpetual foundations. The Ivy League school announced earlier this month that it’s returning $782,375 to a foundation created by the Robertson family, heirs to the A&P supermarket fortune. The payment came in the wake of charges by the Robertson descendants that the money is being misspent by the school."