Family Foundations are the gold standard in charitable giving. Once the exclusive province of the ultra-wealthy, interest in this charitable giving vehicle has become widespread. Private foundations are generally founded by an individual, a family, or a group of individuals, and are organized either as a nonprofit corporation or as a charitable trust.
Family Foundations Possess Powerful Advantages:
- Families can use the foundation to work toward common goals.
- Foundations help instill the value of charitable giving in families.
- Family members and Friends can be appointed to sit on the Board.
- Assets donated to a foundation are generally not subject to estate taxes.
- Donors can remain in control of the investment and management of the funds.
- Donors can remain in control of the final charitable disposition of the donations.
- Grant making may bring recognition to the family's philanthropy and keep the memory of a loved one alive.
- With the exception of the 1-2% excise tax on net investment income, the investment income of a family foundation is exempt from income taxation.
When you choose to hire our legal team of highly successful attorneys to establish your Private Family Foundation, you can be confident that we will walk with you every step of the way. From explaining relevant tax advantages to you and the Board of Directors or Trustees, to explaining record-keeping and IRS reporting requirements, we will help you remain informed. Additionally, we will formulate a plan for charitable giving, provide you with a written overview of 501(c)(3) tax-exempt status, and provide you with a training session explaining what must be done in order for you to maintain your tax exempt status.
Share Your Vision with UsWe have over 30 years of experience in nonprofit formation and are here to help you achieve your vision.
We Offer Flat Fee ServicesOur flat fees ensure that our services remain accessible to churches, charities and other nonprofits.
We Provide Ongoing SupportOnce your nonprofit filing is complete, our job doesn't end. Our nonprofit formation services include 12 months of support and training for the board of directors to ensure you are fully prepared.
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