Splitting Up is Hard to DoSplitting Up is Hard to Do

Parents often wonder what will go on among their children after they’re gone—will their children get along and work out their differences or go their separate ways? Sometimes even with the best of intentions, adult children decide it’s best for the family not to mix work and play, including in the context of operating a family private foundation (PF). 

The Basics

A PF is a type of tax-exempt charity that’s typically funded and controlled by an individual, family, corporation or other small group. Most PFs make grants to public charities (PCs), qualified individuals and government entities for charitable purposes and accumulate an endowment to fund their charitable grant making. Contributions to a PF are generally tax deductible.¹

When setti...