Who Can Start a Private Foundation?
March 4, 2013 By Anderson, Dorn & Rader, Ltd.
When you are evaluating your financial position as you plan your estate you may well find that you have the means to set aside resources for the benefit of charitable organizations.
There are those of us who have been touched by certain causes for one reason or another, and it can be very satisfying to be able to give something back as a parting act of generosity. You can often gain some tax benefits, as well, when you set aside resources for the benefit of charitable causes.
We have all heard of charitable foundations started by wealthy business people like Bill Gates and the Rockefeller family. However, many famous celebrities have also created their own foundations including Steven Spielberg, Bruce Springsteen, Stephen King, and many others.
You may not be aware of the fact that it is possible for people who are not super wealthy to create private foundations. In fact, the majority of foundations in the country are funded with less than $1 million. While it can be expensive to administer a very large foundation because of the staff involved, most of the private foundations in the United States do not have paid staffers.
If the idea of starting a private foundation is appealing to you the first step would be to set up a consultation with a licensed and experienced estate planning attorney. Your lawyer will gain an understanding of your vision for the foundation, evaluate the details of your unique personal situation, and advise you accordingly.
ABOUT THE AUTHOR: Bradley B Anderson
Experienced estate planning attorneys Reno NV of the Anderson Dorn & Rader Ltd offers estate planning and business planning resources to residents of Reno NV.
Copyright Anderson, Dorn & Rader, Ltd.
More information about Anderson, Dorn & Rader, Ltd.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
We have all heard of charitable foundations started by wealthy business people like Bill Gates and the Rockefeller family. However, many famous celebrities have also created their own foundations including Steven Spielberg, Bruce Springsteen, Stephen King, and many others.
You may not be aware of the fact that it is possible for people who are not super wealthy to create private foundations. In fact, the majority of foundations in the country are funded with less than $1 million. While it can be expensive to administer a very large foundation because of the staff involved, most of the private foundations in the United States do not have paid staffers.
If the idea of starting a private foundation is appealing to you the first step would be to set up a consultation with a licensed and experienced estate planning attorney. Your lawyer will gain an understanding of your vision for the foundation, evaluate the details of your unique personal situation, and advise you accordingly.
ABOUT THE AUTHOR: Bradley B Anderson
Experienced estate planning attorneys Reno NV of the Anderson Dorn & Rader Ltd offers estate planning and business planning resources to residents of Reno NV.
Copyright Anderson, Dorn & Rader, Ltd.
More information about Anderson, Dorn & Rader, Ltd.
View all articles published by Anderson, Dorn & Rader, Ltd.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
