Private Family Foundation

Want to do good in the world be that giving to non profits to further your cause? 

Private family foundations can be of any type: Charitable, educational, Religious, Scientific, literary, testing for public safety, fostering natl/intl amateur sports competition, preventing cruelty to children or animals.

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Why should I have or setup a Private Family Foundation?

Family legacy

Tax Minimization

Maintain Asset Control

Specialized tax deductions that only Foundations can do.

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30% of AGI for cash

20% of long term (1 year holding) of stocks Fair market value

20% of AGI crypto/real estate/Property Value at Cost or Basis.

Tax advantages via deductions.

Have control over granting to charities

Maintain the assets with a stepped up basis so the assets can increase in value over your families lifetime with no taxes due on gains. 

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You can give cash via you Personally to the foundation, stocks, closely held business stock, no-public traded stock, LLC or LP interest, life insurance policies, art work, real estate, crypto, other unique assets

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How do they compare?
Direct gift - lost control
Donor advised fund - fidelity, schwab, vanguard - give assets, then advise them but no legal to  direct.(public charity deduction - they sell your asset and then invest in their fund) Fees.
Private foundation - can own the assets with stepped up basis on crypto/real estate.
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At Blackmon Financial Group, we know while you're enjoying your newfound freedom you will still need a salary that to start, is the same as your past salary. This retirement income must be growing and accounting for inflation over the rest of your lifetime.

Our comprehensive financial plans focus on ensuring that your retirement income keeps pace with inflation while covering your bills and allowing you to enjoy life while giving you the right to spend.

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From tax planning to future cash inflows, we provide the guidance you need to make informed decisions about saving for retirement. Should I put the money into a savings account, CD's, mutual funds, IRAs, 401ks or should we put everything on a round table and walk around and look at the assets from different perspectives including how each are affected by present and future tax and contract law?

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Tax planning and future cash inflows to account for taxes and inflation is the cornerstone of our planning.

 

Remember if you do what everyone else does you will get what everyone else gets. Read the blog to find out more on this topic and if interested in a more in-depth conversation, feel free to contact us.