WHAT ARE THE BENEFITS OF A PRIVATE FOUNDATION?

What are the benefits of a private foundation?

family business

  • Family legacy. A private foundation establishes a legacy of giving that can carry the family name, supports causes that are important to you, and promotes charitable activities into the future.
  • Private foundations provide the greatest control of any planned giving vehicle. You decide which charities to support and how the assets are invested. You also have great latitude as to the types of assets you can donate to the foundation.
  • Family involvement. A private foundation enables you to involve the family in philanthropy and passes values on to future generations.
  • Current tax deductions for future grants. You can take an immediate tax deduction for contributed assets, even if the foundation does not make charitable grants until a later date. You are also able to remove taxable assets from your estate, without incurring capital gains taxes. (Consult with your tax advisor.)

 

Reference: Nonprofitlegalcenter.com

 

Kindly visit our Advanced Estate Planning and Trusts and Estate Planning websites or contact one of our Estate Planning Attorneys, Philadelphia or Estate Attorneys, Philadelphia at 215-977-8200 for more information on this topic.

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