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View Diary: A Conversation w/ My Rich, Republican Father (226 comments)

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  •  If I had that kind of scratch, (3+ / 0-)
    Recommended by:
    Bush Bites, asterkitty, SuWho

    I'd set up my own business. I have long, ongoing dreams of doing publishing. Comics, both print and web, and novels. Plots and stories and characters are like a never-ending thought-tornado in my mind...

    Set up a sort of personal "just in case" endowment fund to support myself while getting it all off the ground, and some good insurance, and then spend the rest on what I need for the computers, webhosting, hiring inkers and letterers and colorists for the comic stuff while I took care of the core writing...

    Ahhh, paradise.

    But I'd also want to give not only to some organizations, but some organizations to which a good donation would make a difference. I'd support two of my favorite local charities: the animal shelters and the food banks. Maybe set up endowment funds so they could operate on more long-term footing.

    •  Not sure how those charitable foundations work. (1+ / 0-)
      Recommended by:

      I asked a financial planner if that was something I should think about and she thought I should just keep donating every year and take the 50 percent writeoff, then maybe put the charities in my will.

      Maybe I just don't make enough for those charitable foundations to make sense -- seems like the lawyers fees and what-not could eat up a lot of savings.

      If Obama doesn't deserve credit for getting Bin Laden because he didn't pull the trigger, Bin Laden doesn't deserve the blame for 9-11 because he didn't fly the planes.

      by Bush Bites on Tue Jan 31, 2012 at 05:39:13 AM PST

      [ Parent ]

      •  To set up a family foundation (2+ / 0-)
        Recommended by:
        Odysseus, AllisonInSeattle

        there are certain set costs, so its really not economical until you have a set amount in it.  I used to tell my clients $1.0 million, but given the proliferation of good donor advised funds at community foundations, in my mind its really more like $2 to $5 million.

        They are a huge hassle to run and many families make errors because they aren't advised that there are tons of rules.

        In addition, the income tax deduction for giving to foundations can be limited in a lot of ways.

        Why do it then?  Usually due to control issues.

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