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We (conditionally) defend the role of philanthropic institutions as mechanisms for intergenerational justice because of three distinctive capacities these institutions possess. First, they can counteract the short-termism and presentism of the democratic process in a way that promotes the long-term interests of society and its future generations. This is so because philanthropic foundations have unusual accountability structures: they are subject neither to electoral pressures, nor to investors’ pressures to show short-term returns. Second, given their enduring and private nature, foundations can supplement political institutions in fulfilling the ultimate purpose of the just savings principle. Third, foundations play important roles in financially supporting other voluntary associations, and in so doing can complement political institutions in securing the reproduction of a particular form of capital—social capital—by supporting the reproduction of an independent civil society over time. Tax-incentives for private foundations whose existence significantly extends beyond the death of the donor should be designed with the purpose of encouraging the fulfilment of these roles.