Creation of Foundations to Avoid Postmortem Problems

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Board-certified Florida lawyer Jason E. Havens describes the practical and strategic advantages to creating a family/private foundation during lifetime as part of a donor's charitable estate planning. "Editor’s Note: A family foundation is often used in an estate planning context as a means of facilitating charitable transfers at death. In this context, should the creator set up a foundation before death, or might this be left to the creator’s heirs and advisors to be done after death? This piece discusses some of the difficulties that can arise in dealing with this situation. The author’s advice: To eliminate delay and avoid possible problems with the IRS, set the foundation up while the creator is still around."

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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Jason E. Havens is Senior Counsel at Holland & Knight LLP, practicing in its Jacksonville, Florida... View Profile »


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