In this episode of “Future Focused,” Partners Erin Nicholls and Michael Clear discuss the operation of family foundations as a wealth planning strategy. They highlight the trade-offs between donor advised funds and private foundations, focusing on the annual requirements of private foundations. They cover topics such as federal reporting, the 5% minimum distribution requirement, state-level reporting, annual meetings, and grant-making best practices. This episode provides valuable insights for high-net-worth individuals interested in philanthropic endeavors and sheds light on the complexity of administering private foundations.

Be sure to tune in and contact your Wiggin and Dana Private Client Services attorney to discuss charitable planning options that may be right for you or for your client.

Related Content:

• 5 Key Annual Requirements for Private Foundations