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Non-Charitable Private Foundations: A Hybrid Entity That Can Provide Effective Asset Protection, Flexibility and Cost Savings



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Many practitioners are unaware that Wyoming and New Hampshire have created an entity fashioned after foreign law called a statutory private foundation which, unlike the private foundations we are all familiar with, are non-charitable and are generally used to benefit private interests.

 

These entities are relatively new to most practitioners, and there is a lack of information regarding how these entities can be used and the benefits they may provide.  The presenters believe that Wyoming and New Hampshire have done a good job in domesticating these entities for the benefit of families in the United States and throughout the world. In many situations these entities will provide excellent creditor protection, family benefits and cost savings for well represented individuals and families who use them.  

 

The presenters would like to thank Alexander Bove for his excellent Leimberg Information Services article titled Building a Better Private Foundation, Wyoming’s Gamble, which was published in Leimberg’s email newsletter as archive message number 2743.

 

Please join Alan Gassman John Beck and Leslie Share for this 60 minute straight to the point program on Non-Charitable Private Foundations: A New Innovative Entity That Can Provide Asset Protection, Flexibility and Cost Savings, which will include a review of how to avoid offshore trust IRS and other filing obligations by using Private Foundations instead of Offshore Trusts, sample forms, and the following:

 

1.         What are Wyoming and New Hampshire private foundations and how are they operated?

 

2.         Strategies to use both foreign and non-charitable private foundations for asset protection purposes.

 

3.         Strategies to use non-charitable private foundations for estate planning purposes.

 

4.         How these entities are taxed and an explanation of the uncertainty surrounding how other states and the federal government will view these entities.

 

5.         How these entities can be used to save or reduce ongoing administration expenses.

 

6.         Potential for the creator and grantor of the private foundation to be a beneficiary while still receiving a certain level of asset protection.

 

7.         Why foreign foundations can be better than offshore or domestic asset protection trusts in many situations. 

 

And much more. .



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Alan S. Gassman, J.D., LL.M., is a partner in the law firm of Gassman, Crotty & Denicolo, P.A., and practices in Clearwater, Florida. He is a frequent contributor to LISI, and has published numerous articles and books in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, Interactive Legal and Haddon Hall Publishing. The Alan Gassman Channel at Interactive Legal has recently opened, and features many books and resources, including many Florida and Federal based materials, forms and resources. He is also the Moderator for Bloomberg BNA's 2017 Estate Planning Webinar Series. On February 24th Alan and his partners Christopher Denicolo and Ken Crotty will present a Bloomberg BNA Webinar at 12:30 EST on Innovative Trust Planning for Uncertain Times. You can contact Alan at agassman@gassmanpa.com for more information with respect to these programs. 



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