In essence, a Private Foundation is a tax-exempt entity that is funded and controlled by an individual or a family. A Private Foundation may be setup as a Not-For-Profit Corporation or as a Trust – – whichever arrangement is chosen, a Private Foundation is treated the same for tax purposes.
However, there are certain advantages that usually make the Not-For-Profit Corporation more appealing than the Trust.
Establishing a Private Foundations as either Not-For-Profit Corporations or Trusts is a routine matter for our Firm.
An example of a Private Foundation established by one of our Firm’s long-term Clients [which our Firm continues to help manage today] is The Kantner Foundation, Founded in 1987 by Woodrow A. Kantner, of Stuart, FL.