Using either a donor-advised fund or a private foundation can have the added benefit of defining the legacy the family wants to leave and sparking family discussions about the types of efforts they want to support, Franey said.
A private foundation is a tax-exempt legal entity, but there are significant filings with the IRS that are required, she said.
A donor-advised fund is more of a way for a family to "dip its toe" in the world of philanthropy, while letting a public charitable organization administer it, Franey said.
-Karen DeMasters