Private Foundation

Individuals can transfer property either during their lifetimes, at death through their wills, or as beneficiary of a charitable remainder trust to a private family foundation. Advantages of a private foundation are that the donor may retain control of the foundation during his or her lifetime, and at death provide for a board of trustees to operate the foundation in accordance with a mission statement written by the donor.

Private foundations have proven to be an attractive planning tool for individuals who would like their family members to continue to perpetuate both the charitable interests of the donor and the donor's legacy. A private foundation must devote most of its earnings and assets directly to the conduct of its intended charitable purposes.