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July 01, 2008

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Randy Fox

Phil,
While I agree with some of your thinking, You're a little harsh on the financial advisor and legal community. For some, the structure you discuss is a way of teaching/mentoring children and grandchildren about family philanthropy and values. how can that be bad?
What's really needed is a balance between current and future giving. Of course, that takes planning. And planning takes those evil attorneys and financial adviosrs again.

phil

Thanks, Randy, those are good reasons you give for the structure. Note, though, that the considerations, including the teaching of philanthropy to kids and grandkids, are all centered on the family. At what point does the family ask about the needs of the community? For a case study to be complete, it would have, I think, to include something about the good the family intends to do in the world, and how the pattern of funding supports that. If their thinking only extends to self and family, and their values and their education, etc., then I do think we have not done all we could. Thanks for the comment, though, you fleshed out the part I left out.

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