Should Your Client Have A Non-charitable Foundation?Should Your Client Have A Non-charitable Foundation?
In the U.S. world of estate planning, it would be difficult (some might say impossible) to find an attorney who is not familiar with trusts. In that same world, however, it would be nearly as difficult (some might say improbable) to find an attorney who is familiar with private non-charitable foundations an entity established to benefit individuals or to carry out a non-charitable purpose, such as
Alexander A. Bove, Jr.
In the U.S. world of estate planning, it would be difficult (some might say impossible) to find an attorney who is not familiar with trusts. In that same world, however, it would be nearly as difficult (some might say improbable) to find an attorney who is familiar with private non-charitable foundations — an entity established to benefit individuals or to carry out a non-charitable purpose, such as the furtherance of a family business.
Why is that?
One obvious reason is that trusts are a creation of the common law, and with the exception of Louisiana, the United States is a common law country where trusts are one of the most commonly used forms of ownership. A second reason is that none of our states recognizes the n...
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