Speaker 2
And I'm glad you said the number of 3 million, because that was gonna be my next question is like, at what level does this start to make sense? Because I see people who talk about it of like small dollar amounts, like 250,000 or 500,000 or something. And obviously, that's not tiny dollars, but it is in the foundation world. And for a lot of people, I even hear 5 million is like that entry level point. But I think moral of the story is right. You need a lot there. You need to be willing to spend the time, right? Because you do still have to run it at least a little bit like a business. You have to be making distribution. Sure. You can make it to a donor advised fund, but in general, right, this isn't the like passive move, right? If you want passive donate, then send it to somewhere. Donor advice would make sense. If you are like, I'm retiring and I want to take that energy I had in running a business to be charitable and do a lot of great things. That's when a private foundation really does start to make sense. And the other time I see is I see people who do this, they're very wealthy that they want to do this to help teach their kids, right? They're like, we grew up with a lot of money. You know, how can I help instill good values in my kids? Great. We can basically have a charity and my kid can help run this as they grow up through high school and stuff. And they can see the impact and watch what money can do in different ways other than just
Speaker 1
buying things. Absolutely. I'm so glad that you brought that up because properly done, a private foundation can be such a great tool for a family because, you know, you create a private foundation and you staff it with your children and grandchildren and the like. get together regularly to conduct business, right? And so you're ensuring that all of your progeny is going to get together after you are gone, which is great. And then what they're going to be doing is learning how to steward money, first of all, but also doing good in the world, right? A lot of what you do and sitting on the board of directors is evaluating charities where you would like to put money into action. And so as board members, a family members, you're going out there in the community and you're seeing where could we put mom and dad's money to use in the most beneficial way to everybody involved. So it's a great way to make sure we keep the family together, but we're doing it in such a way that it teaches valuable skills and really brings you into the community and people of probably a lot different social strata than you are and broadening you as, as a person and rounding you out as a, as a human being. And so yes, absolutely a great way. And when you talk about leaving a charitable legacy that's, that's an excellent way you can do that and teach your children and your grandchildren how to do the same. Perfect.
