Why Do Wealthy Families Set Up Foundations and How Do They Work?
When a business owner sells their business or a corporate executive receives a windfall in W2 compensation, some of these individuals will set up and fund a private foundation to capture a significant tax deduction, and potentially pre-fund their charitable giving for the rest of their lives and beyond. In this video, David Wojeski of the Wojeski Company CPA firm and Michael Ruger of Greenbush Financial Group will be covering the following topics regarding setting up a private foundation:
What is a private foundation
Why do wealthy individuals set up private foundations
What are the tax benefits associated with contributing to a private foundation
Minimum funding amount to start a private foundation
Private foundation vs. Donor Advised Fund vs. Direct Charitable Contributions
Putting family members on the payroll of the foundation
What is the process of setting up a foundation, tax filings, and daily operations
About Michael……...
Hi, I’m Michael Ruger. I’m the managing partner of Greenbush Financial Group and the creator of the nationally recognized Money Smart Board blog . I created the blog because there are a lot of events in life that require important financial decisions. The goal is to help our readers avoid big financial missteps, discover financial solutions that they were not aware of, and to optimize their financial future.