When some families lose a loved one under tragic circumstances, they choose to honor that loved one by creating a lasting legacy for them.
According to his family, 11-year-old Florida boy Oakley Debbs lived an active lifestyle and hoped to grow up to be an NFL quarterback like his hero Eli Manning. Oakley knew that he had what was believed to be a slight allergy to peanuts and tree nuts and actively avoided them. However, during a family Thanksgiving function he had a bite of coffee cake, that unbeknownst to him contained a walnut.
Nothing serious happened at first, but within half an hour he went into shock. Despite using three doses from an EpiPen, Oakley passed away.
His family has decided to start a foundation in his honor to help educate other people about allergies and to provide funding for research according to FOX News in “Boy’s death after unknowingly eating nut in cake leads family to start a foundation.”
Families starting foundations in the wake of a lost loved one’s tragic death is becoming a minor trend. By setting up a foundation instead of just giving to a charity that does similar work, families are more capable of controlling the loved one’s legacy and directing how funds should be spent.
However, foundations are also more difficult to manage and require families to invest more time in the project. Some get around this problem by hiring professional foundation management companies.
If you have lost a loved one and would like to create a legacy for him or her, there are other options besides creating a foundation. Consider speaking to a wills and trusts attorney about what those options might be.
Reference: FOX News (Dec. 6, 2016) “Boy’s death after unknowingly eating nut in cake leads family to start a foundation.”