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The Private Family Foundation has typically been thought of as a province for the super rich, but its advantages are also available for estate owners not necessarily "classified" as super wealthy.

Generally speaking, however, private foundations do make most sense for those with an estate valued at $50 million or more.

Foundations Serve a Great Purpose

Foundations serve a great purpose in our society - everything from public television to scholastic grants, medical research, museums and the like.

They oftentimes can enhance and enrich the lives of many.

Under current law, an estate owner can establish a private foundation while living or at death and any contributions made to a private foundation are tax deductible. Although highly regulated to stem and prevent "self-dealing" strategies, the tax benefits are tempting.

The tax deduction allowed for contributions to a private foundation cannot exceed 30% of your adjusted gross income while living.

On the other hand, there is no limit on the deduction your estate can make after your death.

Action To Take

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