Private Foundation Requirements and Restrictions is brought to you by Lorman
Gain a better understanding of tax law surrounding private foundations.
Clients who are philanthropically inclined are eager to create their own family foundation. The private foundation is a tool that can achieve many goals, however, there are many unique considerations that are essential to communicate to clients during the planning process. Similar to publicly supported charities, private foundations are exempt under IRC Section 501(c)(3), however, there is a whole set of special rules that apply just to private foundations.