Foundations Let Rich Leave Legacy That Isn’t Just Financial

The New York Times writes about the explosion in recent years of family foundations and how their creators use them to pass on a philanthropic legacy to their children.

Since 2001, the number of U.S. family foundations has risen from about 3,200 to more than 40,000, and their collective grant making has tripled to more than $21.3-billion a year, according to the Foundation Center.

Founders of some family philanthropies are bringing their children into leadership roles at a young age, reflecting wealthy baby boomers’ desire to instill values of giving and compassion in their kids and curb the sense of entitlement that could arise from inherited riches, the Times says.