Knowledge Center

Monday, April 01, 2013

Do Private Foundations Work Best in Trust or Corporation Form? How to Choose the Right Fit

By Kenneth A. Goldstein

Private foundations are subject to a number of complicated rules that prohibit and tax various forms of self-dealing. Additionally, contributions to private foundations during the donor's lifetime are subject to a number of restrictions relating to the income tax deductibility of contributions. Because of these complicated rules, it used to be that private foundations were considered to be a charitable giving technique only used by the wealthy. However, that is not the case anymore. A majority of foundations hold assets with fair market values ofless than $1 million...

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