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New York Times
Stephanie Strom
Read the article here.
Excerpt:

Such is the fate of many “orphan” trusts and foundations around the country that have been left in the hands of lawyers or local banks that have then been swallowed up by multinational financial institutions.

With no family members to encourage gifts to the original donor’s favorite causes, the banks and lawyers have wide latitude to change the way the trusts operate and to decide which charities will receive grants.

Banks can reduce gifts and increase 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.

“Donors who’ve given us money for years die, their money ends up in a foundation controlled by their lawyer or their bank, and we don’t get any more grants,” said Juliana Eades, president of the New Hampshire Community Loan Fund.

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