Summary:
Alison and Phillip discuss the tax benefits of setting up a family foundation. They explain that a family foundation is a philanthropic organization designed to serve the community and can be a great estate planning tool. However, they note that setting up a foundation requires significant assets and comes with high administrative fees. They also mention alternatives such as donor-advised funds, which offer more flexibility and privacy. Overall, they highlight the importance of consulting with a qualified financial advisor or tax professional before making any decisions.
Timestamp
Summary
0:00:01
Introduction to the podcast and topic of family foundations
0:01:23
Description of family foundations and their philanthropic purpose
0:03:43
Benefits of setting up a family foundation for tax savings
0:05:06
Considerations and downsides of family foundations
0:06:46
Alternatives to family foundations, such as donor advised funds
0:08:27
Contact information for more information on charitable planning and tax strategies
Quotes
"I'd be cool to take something like a billion dollars and put it into a foundation and then be able to invest and buy and sell stuff without tax implications so I can use that capital to more benefit the charitable organizations I'm given to."
“The upside to the family foundation is that it's a great way to shift around assets to help your family in terms of estate planning and a great way to leave a legacy in honor of your family."
Powered by ReiffMartin CPA and Stone Hill Wealth Management
https://www.reiffmartincpa.com/
https://stonehillwealthmanagement.com/
Join the Wealth Building Made Simple Newsletter: https://www.wealthbuildingmadesimple.us
Social Media Handles
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us/subscribe/)
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Investing: The Lost Decades and what to do about the one around the corner
Business: How property and casualty losses affect the bottom line of a business
Wealth Mindset: Don’t chase the desires of your heart...Attracting them feels much easier
Real Estate: China, Russia, and OPEC’s impact on the Texas Real Estate Market
Innovation: The importance of vision in podcasting
Wealth Mindset: Removing stress from the wealth building process
Business: When is the right time to stop doing your own taxes?
Wealth Mindset: How to make success in wealth building feel easy
Real Estate: The benefits of hiring a real estate professional
Building a podcast network around uplifting men
Investing: Passive index investing is becoming much less attractive
Business: Being intentional about the investments you make in your business
Investing: The Root Cause of Big Market Movements
Real Estate: Why HOAs can make or break the home values in a community
The New Corporate Structure for Organizations in the Digital Age
Investing: A short and simple explanation of the current (2023) financial crisis
Why the most successful business owners are masters of cash-flow
Investing: What is a Superchain (on the blockchain)?
Real Estate: New technology for selling your home faster
Wealth Mindset: The New Age of Financial Freedom and Enlightenment
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast