28th September 2007
With no family members to encourage gifts to the original donor’s favorite causes, the banks and lawyers have wide latitude to remake the way the trusts operate and to decide which charities will receive grants. Banks can reduce gifts and grow the foundation’s assets, thus increasing their fees. At the same time, banks and lawyers stand to gain personal influence and prestige by selecting new charities.
Rather like gifts to universities. Or government in the hands of Democrats.