Estate Planning: The tax benefits around setting up a family foundation

Summary:

Alison and Phillip discuss the tax benefits of setting up a family foundation. They explain that a family foundation is a philanthropic organization designed to serve the community and can be a great estate planning tool. However, they note that setting up a foundation requires significant assets and comes with high administrative fees. They also mention alternatives such as donor-advised funds, which offer more flexibility and privacy. Overall, they highlight the importance of consulting with a qualified financial advisor or tax professional before making any decisions.

Timestamp

Summary

0:00:01

Introduction to the podcast and topic of family foundations

0:01:23

Description of family foundations and their philanthropic purpose

0:03:43

Benefits of setting up a family foundation for tax savings

0:05:06

Considerations and downsides of family foundations

0:06:46

Alternatives to family foundations, such as donor advised funds

0:08:27

Contact information for more information on charitable planning and tax strategies

 

Quotes

"I'd be cool to take something like a billion dollars and put it into a foundation and then be able to invest and buy and sell stuff without tax implications so I can use that capital to more benefit the charitable organizations I'm given to."

“The upside to the family foundation is that it's a great way to shift around assets to help your family in terms of estate planning and a great way to leave a legacy in honor of your family."

 

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https://stonehillwealthmanagement.com/

 

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.