Estate Planning- Private Foundations For A Charitably-Minded Client
The Law Firm of Pozzuolo Rodden, P.C., Philadelphia Estate Planning Lawyers, announces the release of the article Private Foundations For A Charitably-Minded Client.
Clients who want to control and direct their gift giving to family and friends may establish trusts to do so. In a similar manner, clients who want to direct their charitable gift giving should consider establishing a Private Foundations. Private Foundations have been gaining popularity as a device for charitable gift giving and can be established during a client’s lifetime, or they can be testamentary and incorporated into or as part of a client’s estate planning documents.
A private foundation is a nonprofit organization established either as a corporation or a trust, with a principal fund that is managed by a board of directors or trustees, respectively. Private Foundations are recognized as charitable organizations by the IRS. Certain procedures and formalities must be met to qualify as a charitable organization and receive the beneficial income, gift and estate tax treatment that flows from being a qualifying charitable organization.
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