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Apr 1, 2008 12:00 PM
Passing Down the Foundation
Some wealth owners set up charitable foundations to keep their families together after mom and dad die. But too often these entities exacerbate or even create divisions within the family. Also, family members can have conflicting visions of the foundation's role. Ask clients to think twice before establishing a family foundation solely for the purpose of family unity. If a family decides to proceed, here's how to help them avoid some pitfalls — particularly when it's time for the next generation to step in.
First, it's essential that children be trained for their responsibilities in the foundation. Get them involved in creating the necessary transition and continuity plans. Sure, your clients probably talk about philanthropy with their children, as did 70.3 percent of 1,400 high net-worth households surveyed by the Center on Philanthropy at Indiana University in 2005.
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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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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
E-Newsletter Signup
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