When you are creating a charitable foundation, it is truly great if you are not thinking just about how much of tax it will be saving for you. If you make sure that the beneficiary is of some assistance to society and will use your asset for its betterment, you will have done a very philanthropic thing. This will be the additional benefit you will get for setting up a charity. Of course, the tax advantage stands too and you are welcome to take all benefit you can of it.