There is a growing desire amongst wealthy families and, in particular the next generation, to structure part of their wealth in order to engage in philanthropy and take on more responsibility for some of the great challenges the world faces.
As wealth creation continues to increase throughout the world it is clear that more and more wealthy families wish to engage in charitable and philanthropic activities. This is especially apparent when wealth succession is being considered and families are seeking to determine the right level of wealth to pass to the next generation. Many families recognise that supporting charitable causes can be a good way of keeping a family united through the pursuit of common values, as well as giving something back to a community or cause that they have an affinity to.
Levels and methods of giving vary considerably but it is clear that increasingly wealthy people wish to be philanthropists during their lifetime rather than make a one-off legacy bequest. These philanthropists also wish to retain a degree of control in order to ensure that their money will be used effectively and efficiently.
Highvern can support philanthropic objectives by advising upon and putting in place private charitable trusts or private foundations to give effect to a family’s wishes. These structures are flexible enough to allow a client to carefully frame their charitable objectives and also control the release of funds to ensure they are used when most needed. Such structures can operate both during the lifetime of the settlor or founder and after their death to ensure continuity of support over many years.