Foundations: They're Not Just For Rockefellers

One way to maximize control over your charitable donations is to set up your own foundation. Far from being an option exclusive to Rockefellers or Carnegies, most of the 30,000 private foundations in the U.S. were started by people with a net worth of less than $1 million. The tax and legal rules governing private charities are complex but not onerous. And designing your own program can be more rewarding than just writing checks to bigger institutions.

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