Has anyone started a family foundation?
Recently came into some money after some unfortunate deaths in the family. I don't want the money nor do I need it. I'm hoping to do some good with it, but I'm having trouble finding proper guidance regarding it.
I'm hoping I can bootstrap most of it, but does anyone know how much of a commitment it'll be? In terms of capital needed, I should be at a point where it makes sense to start an official family foundation, according to some things I read online. I'll probably have to spend a lot to keep a lawyer on retainer, but otherwise, I think I can do most of it on my own.
I identified some major charities (which were based on things my loved ones enjoyed, such as the Make-A-Wish foundation and some local wildlife organization), but what does DD on a charity look like? In addition, I heard I can only donate to recognized charities by the IRS, is it possible to still donate to local charities? If I can't, would a donor fund be a better option for me?
Outside of that, I know I have to donate at least 5% of my AUM every year, but is it possible to just allocate the money into market-tracking funds and not worry about it? Should I spend money on an investment analyst, or should I do it myself? I'm currently a 2nd year analyst and don't want to spend too much time away from work on this. Would it be possible to get kids from my college to work on this for free? Maybe by investing in one of the student-run funds and withdrawing once a year for donations? I remember the fund basically followed the market anyways when I was a student, so I should easily make up the amount I donate every year.
This isn't something I want to use to be an "exit op" or whatever, I literally just want to do some good in my life for once and not have this feel like blood money to me.