It’s the heart of giving season and if maximizing your philanthropy is on your wish list, why wait to start a private foundation when you don’t have to? We’re currently helping philanthropists and their professional teams setup and run their foundations now, so they can start giving sooner and enjoy several benefits that they can still take advantage of this year.
Check out the top reasons to get started now.
When you start and fund a private foundation before the end of the tax year, you are eligible for a qualified charitable deduction of up to 30% of your adjusted gross income. This is especially attractive in years when you have excess income or realized capital gains. Once contributed, your assets can continue to grow on a tax-advantaged basis.
Advanced Charitable Toolkit
Commit to your philanthropic goals with a private foundation and unlock a sophisticated suite of giving tools. In addition to making grants to public charities, foundations enable you to award scholarships and prizes, conduct direct charitable activities, make hardship and emergency gifts directly to individuals, support mission-related investments, make low or no interest loans to charities, align the assets in your endowment with your philanthropic mission, and much more.
Start Your Legacy Now
Private foundations are designed to last in perpetuity, making them the gold standard for creating a lasting legacy. When you link your name with your good deeds, it expresses your values and provides a blueprint for future generations to carry your vision forward. Also, the Delaware database, a preferred state of incorporation, has limited names…you can lock in your family foundation name now and ensure your legacy.
Want to see the rest of the benefits?
Check out our complete resource.