Estate planning, a project for the living, can end with the administration of your estate or it can continue on for generations. If you are charitably minded, but would like more control over your charitable contributions and want your charitable impact to extend past your death, setting up a private foundation can be an important part of your estate planning. If your only goal is to reduce your overall tax liability, then contributing to one or more public charities of your choice can be effective. But, if control over your charitable contributions is important to you, and you have the desire to make an impact on society as a whole, then you should set up a private foundation.
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