2012 Giving Guide: Jeannette L. Musgrave Foundation

Most of us have a grateful heart for those who devoted a part of their fortune to helping the generations that were to follow. Their noble efforts have touched, and continue to touch the lives of countless thousands that have benefited through the medical research, scholarships, rescue missions and myriad other projects that were funded by the private foundations they established.

Many may believe that such foundations are only for the very rich. That is not true. Several decades ago, Congress enacted laws regarding the establishment and operation of private foundations. At first blush, that law seemed rather complex, though in practice, we have found the law easy to follow and practical even for modest estates. The foundation, which is in essence a charitable trust, can be funded during the grantor’s lifetime, or from his or her estate, frequently from both. The charitable objectives are defined in the trust, frequently in general terms to allow for changing circumstances. Your estate planning attorney can assist you in working out the details.

A fine example is The Jeannette L. Musgrave Foundation of our city that Mrs. Musgrave established during her lifetime. Since its inception in 1984, the Musgrave Foundation has distributed in excess of $9 million, more than the amount of the original trust itself. Its work will continue in perpetuity.

Many vital local organizations such as OTC, Ozarks Food Harvest, Convoy of Hope, Southwest Missouri Office on Aging, Fellowship of Christian Athletes, Lighthouse Child and Family Development Centers, and Springfield Victory Mission (and many others) have been recipients of Mrs. Musgrave’s generous spirit, exercised through her foundation.

In instances where the amount involved does not justify a stand-alone private foundation, most communities have provided a “Community Foundation” to assist in carrying out the grantors’ wishes. Whether a “stand alone” or part of a larger Community Foundation, you need to make yourself aware of this growing field of benevolence as it may well meet the need of that noble spirit in you.

Charles A. Fuller
Chairman

Click here for the full 2012 Giving Guide.