Private foundations can be instrumental in helping wealth families stay together and aligned while benefiting others. “Aside from being great charitable vehicles, private foundations can be used to help ensure the family stays and works together to make a difference,” says Homer Smith, Private Wealth Advisor and Founder of Konvergent Wealth Partners and Director of the Integrated Business Owners Solutions team. “What’s usually essential is for the wealthy family to be clear about their charitable goals and how they will be able to continue doing good generation after generation. This usually involves bringing family members into the giving process early and providing the resources—including educational resources—to help them grow as people and as philanthropists.”
