Showing posts from April 11, 2010

What makes a philanthropist?

Thought:  What makes a philanthropist? Writing generous checks for worthy causes is only part of the story, say local donors and experts. |

Taking Over the Family Foundation

Perhaps indicative of the Baby Boomer population reaching maturity is this story about one estate beneficiary regarding how best to manage a parent's legacy in the form of a charitable foundation.

Her grandfather, Max M. Fisher, founded the Speedway gasoline station chain and gave millions to big causes like the Detroit Symphony Orchestra and the United Jewish Appeal. || Caroline Cummings Rafferty, 29 years old, is being groomed to help run the $235 million Max M. and Marjorie S. Fisher Foundation in Southfield, Mich. But for now, she is running a tiny $1 million foundation and making gifts of a few thousand dollars to charitable organizations. clipped from Philanthropy Ms. Cummings Rafferty reflects the struggles facing family philanthropists—one old problem and one new: How do parents foster proper stewardship of family foundations among their children? And with an economic downturn racking charitable giving, how do heirs manage to do more with less? || via…