Monday, October 11, 2010
Marshall Field V, the great-great-grandson of the founder of the Field's merchandising empire in Chicago, has decided, with his wife Jamee, to contribute the amount remaining in their private foundation to a separate fund in the Chicago Community Trust. Then, when Mr. Field dies, his estate will make a more substantial gift to the Trust. The Trust will manage the gifts as a separate fund through the lives of Mr. Field's grandchildren, and at that point the Trust will take over full management of the assets and discretion over the distribution of the assets. Mr. Field has been working with the Trust as it begins a $500 million fundraising campaign, and his announcement kicked off the campaign. See the Chicago Tribune report.