Virtually all of your high-net-worth clients have a commitment to philanthropy—and more than ever, they are allocating significant portions of their assets to charitable giving. For many, a private foundation is the best vehicle to meet those goals.
Unfortunately, many attorneys mistakenly believe that a private foundation is appropriate for only a few. Common misconceptions persist that private foundations are difficult to create, are complicated and expensive to run, and require huge operating endowments. This leads many attorneys to mistakenly advise their clients that a private foundation is not appropriate for them. While these issues may have been true 20 years ago, this simply isn’t the case today.