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Jun 1, 2008 12:00 PM
Breaking Up Is (Not So) Hard to Do
Sometimes even the best relationships go sour. But getting out of a private foundation doesn't need to be fraught with confusion about an uncertain future. By following a straightforward, step-by-step process, you can extricate your clients from a foundation relationship that's no longer working.
Attorneys and wealth managers who ask the right questions when their clients are first considering a private foundation can avoid sending them on a path to the foundation's early termination. (See Mark E. Powell, “Would They Do It Anyway?” p. 45.) Advisors' failure to identify clients' tolerance for complexity and costs, their need for privacy and the level of commitment of the spouse and subsequent generations can result in a client being mismatched with a private foundation solution. A fair number of private foundations decide voluntarily to terminate each year.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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