Charitable Private Foundation Formation

 charitable private foundation

Leave a Lasting Legacy

Are you passionate about making a difference in the world through charitable initiatives? Do you have a vision to establish a private foundation that will create lasting impact? 

You can make a lasting impact that extends beyond your lifetime by incorporating a charitable private foundation into your Arizona estate plan.

Contact an experienced estate planning attorney today for guidance through the multi-step process that would bring your philanthropic aspirations to life.

What Is a Charitable Private Foundation?

A charitable private foundation is a nonprofit organization established to support causes and make a positive difference in society.

As part of your estate plan, a private foundation can continue your philanthropic work long after you’re gone. 

Unlike public charities that rely on public donations, private foundations are typically funded by a single source, such as an individual or a family.

They have the flexibility to support specific causes and initiatives that align with your passions and values.

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Importance of Charitable Private Foundations in Estate Planning

Incorporating a charitable private foundation into your estate plan can serve multiple purposes. It allows you to support causes you care about, create a philanthropic legacy, and potentially provide tax benefits to your estate. 

By establishing a foundation, you ensure that your charitable intentions continue to be carried out according to your wishes. Moreover, a private foundation can involve your family in the philanthropic process, fostering a sense of shared values and community engagement for generations to come.

The Estate Planning Process

Forming a charitable private foundation as part of your estate plan involves careful consideration and strategic decision-making. Begin by identifying your philanthropic goals and the causes you wish to support. 

Consider consulting with an estate planning attorney who can help you navigate the legal and financial aspects of creating a foundation. They can assist in drafting key documents, such as your will or trust, which will outline how your foundation will be funded and managed after your passing.

Next, choose trusted individuals, such as family members or professional advisors, to serve as trustees or directors of your foundation. These individuals will be responsible for overseeing its operations and ensuring your charitable mission is upheld. 

Lastly, regularly review and update your estate plan to reflect any changes in your philanthropic interests or financial circumstances.

Financial Considerations and Tax Benefits

Incorporating a charitable private foundation into your estate plan may offer potential tax benefits. By gifting assets to your foundation, you may be eligible for charitable deductions that can help reduce your estate tax liability. 

Additionally, once established, your foundation’s income and assets can can grow tax-advantaged, allowing for greater resources to support charitable causes. Be sure to consult with a tax professional or estate planning attorney to fully understand the tax implications and requirements associated with establishing and funding a private foundation.

Legacy and Continuity

A charitable private foundation provides a unique opportunity to create a lasting legacy that reflects your values and philanthropic goals. By involving your family in the foundation’s activities, you can pass down a tradition of giving and engage future generations in charitable endeavors. 

Through careful planning, you can establish governance mechanisms and succession plans to ensure the continuity and long-term sustainability of your foundation. Regularly communicate your intentions and values to your loved ones, fostering a sense of shared purpose and inspiring them to continue the important work of the foundation.

Contact Us to Start Making a Lasting Impact 

Don’t let legal complexities hold you back from realizing your philanthropic dreams. Contact Lerner and Rowe Law Group to be connected with an estate planning attorney for help forming a charitable private foundation today at 602-667-7777, or submit a FREE online form

Our partner’s will guide you through the entire formation process, from drafting the necessary legal documents to filing the required paperwork, saving you valuable time and energy. They also offer a flat fee model that ensures there are no hidden charges or costs, so don’t hesitate to reach out today.

Lerner and Rowe has partnered with Trajan Wealth and Estate for their knowledge on business succession planning. The Trajan Wealth team will be reaching out to schedule your appointment. Information on Trajan Wealth can be found at