Family Foundations Forever or Not

When establishing a new private foundation, one of the toughest questions the founders should answer is, Who will run the foundation after we're gone? Perhaps because it's a difficult question, some founders decide to defer the answer sometimes indefinitely. As a result, their foundations include generic successor provisions that satisfy state law and Internal Revenue Service requirements, but may

When establishing a new private foundation, one of the toughest questions the founders should answer is, “Who will run the foundation after we're gone?” Perhaps because it's a difficult question, some founders decide to defer the answer — sometimes indefinitely. As a result, their foundations include generic successor provisions that satisfy state law and Internal Revenue Service requirements, but may not serve the foundation well in the long run.

The alternative to forethought is wai

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