Private Foundations in Estate Planning: Overcoming IRS Scrutiny, Structuring Tax-Efficient Charitable Legacies

Private Wealth Services attorney Cara Santoro will participate in a Strafford webinar offering a practical guide to incorporating private foundations into estate planning. Private foundations can make for an ideal estate planning vehicle for charitably minded clients by allowing them to set up a new exempt organization, contribute assets to that organization and remove those assets from the gross estate, and qualify for a charitable deduction. However, operating a private foundation entails filing an annual Form 990-PF return as well as following rules against prohibited transactions and self-dealing. During this webinar, Ms. Santoro will explain how to establish a private foundation, which assets to contribute – and which to avoid – and income and transfer tax benefits associated with contributed property. She will also review the challenges of managing a private foundation in addition to the tax treatment differences between private foundations and donor-advised funds (DAFs), another increasingly popular charitable giving method.