Many wealthy people create private foundations as a way to continue using their wealth to support causes they believe in after they pass away. It is an extremely important part of many estate plans. However, for private foundations to work after the founder passes away, it is important to plan properly.
With private foundations wealthy families and individuals can create a fund of money that can be invested with the proceeds going to good causes for generations. For those who want to make charitable giving a part of their estate plans, foundations provide a way to make that giving last.
When the founder passes away, however, many private foundations have floundered with the successors unable to maintain them.
Recently, Forbes published some tips on making sure that does not happen to your foundation in an article titled “Do’s And Don’ts of Passing Down A Private Foundation.”
The list includes:
Family foundations can be an excellent way to continue your charitable legacy long after you are gone. There are other alternatives, however, that may be more appropriate for your unique circumstances. For example, donor-advised funds are less expensive to create, enjoy reduced scrutiny from the IRS and may provide greater tax deductions for the donors.
In the end, turning to “experts” is probably the best advice from this article. Accordingly, contact an experienced estate planning attorney who can help you navigate the rather complex waters.
Reference: Forbes (February 11, 2015) “Do’s And Don’ts of Passing Down A Private Foundation.”
“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”
Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.