The start of the giving process involves two steps. First you need to think through what you want to achieve with your giving. Second, you need to think about the correct vehicle for your giving, whether this is a trust or a charity account. Some of your considerations may include:
What issues am I interested in?
What social and personal impact do I want to achieve?
Do I want to involve my family?
How can I teach my children about giving?
How do I ensure my giving is tax efficient?
Do I need my own foundation?
If so, who should be trustees?
How do we structure our giving to cater for different family members?
Should I give during my lifetime or leave money in my will?
Focusing on Indian children
NPC worked with one family who had set up their own foundation. They were passionate about supporting charities in India, but wanted advice on which causes to choose. NPC ran a workshop where we helped the family to clarify the purpose and objectives of the foundation. This led to the family deciding to focus on children in a specific region in India. The workshop also identified ways for the two daughters to get involved in their family’s philanthropy.