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Family foundations let rich leave legacy

Non-profit foundations are increasing with more affluent families instilling right values in rich heirs

STEPHANIE Cordes, a graduate of the University of California, Santa Barbara, has a present from her father, Ron, that she treasures. It's a handmade pink scrapbook, titled, "5 Life Lessons From Dad." Inside are whimsical photos of her with friends and family alongside typed pages containing his simple guidance. The chapters are: "Seek your passion." "Do your best." "Good enough is never good enough." "No excuses." "Make a difference." "Go for it." She was moved. But what really touched her was a letter he wrote to her last fall, which concluded with: "You are my legacy." And she is, in more ways than one.

In mid-January, Ms Cordes, 24, quit what she had called her dream job, working at Conde Nast...

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