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Philanthropy changes when wealth reaches a certain scale. It stops being about one-off generosity and starts becoming a question of structure, intent, and legacy.

In this episode, Stuart and Mena explore Private Ancillary Funds (PAFs) and why they are increasingly used by high-net-worth families who want to give back in a deliberate, governed, and sustainable way. They unpack what a PAF actually is, how it works, and why it’s best understood as part of a broader wealth architecture, not a tax tactic or emotional response to causes.

Mena discusses the real costs and responsibilities involved, including setup, compliance, governance, and ongoing decision-making, as well as when a PAF clearly doesn’t make sense. More importantly, they explore when it does, particularly following liquidity events, within family offices, and where philanthropy is viewed as part of intergenerational identity.

This episode reframes giving as stewardship: aligning wealth creation, investment philosophy, family values, and long-term impact. For the right families, a PAF isn’t just a vehicle, it’s transformational.

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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.