Video Transcription:
The second reason to set up a private charitable foundation is for the tax deduction. When you actually give during your lifetime and set up a private foundation, you get an immediate income tax deduction, and then all of those assets are out of your estate, so you have an estate tax deduction as well.
If you set it up in a testamentary document, in other words, when you pass away, you get a complete estate tax deduction for all of the assets going into the private foundation. So, it really is a wonderful way to encourage charity amongst your family and your children, and also to receive a great freebie from the government. Have more questions? Then contact us today to schedule a free consultation! Doane & Doane – Top rated Tax & Estate Planning Attorneys