Tips on Private Foundation Succession Planning

Creating a private foundation can be a valuable addition to an estate plan, but the planning does not end there. Here are some tips on succession planning for a private foundation:

• Be clear about intentions for the foundation by creating a detailed missions statement.
• Give potential successors a test run at managing the foundation.
• Don’t try to do it all solo when an expert opinion would be helpful.
• Don’t forget to network and ask advice of fellow philanthropists.

See Ashlea Ebeling, Do’s and Don’ts of Passing Down a Private Foundation, Forbes, Feb. 11, 2015.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.