Create Your Private Family Foundation - A Quiz

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If you answered fewer questions correctly, you may want to get more information on private foundations. Find out more about how they really work and what is involved at http://PrivateFoundationCenter.com

To help you make sure you get all the details right, get your free sample chapter from the ultimate guide to using private foundations for wealth management by International Wealth Management Advisor Thomas Quinlin at: http://LifestyleDesignGroupIntl.com

Ready to Create Your Private Family Foundation - A Quiz

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Create Your Private Family Foundation - A Quiz

  1. 1. Private Family Foundations Are You Ready to Create Your Own Foundation? A Quiz By Thomas Quinlin
  2. 2. Would you like to create a private family foundation?
  3. 3. <ul><li>It can be the most rewarding thing you'll ever do… </li></ul>… or not
  4. 4. Take this quiz to find out if you're ready
  5. 5. To find out if creating a foundation is right for you… <ul><li>… mark the following statements as either true or false </li></ul>
  6. 6. Statement #1 The main reason for creating a foundation should be the resulting tax savings
  7. 7. Setting up a foundation is similar to setting up a corporation Statement #2
  8. 8. <ul><li>A private family foundation would make a terrific Christmas present for my family </li></ul>Statement #3
  9. 9. Statement # 4 If I don't like my foundation anymore, I just close up shop
  10. 10. Done correctly, a foundation can be very rewarding & bring the family closer together Statement #5
  11. 11. <ul><li>… whether I like the activities involved or not </li></ul>Statement #6 It's important to focus on political correctness when picking a purpose for the foundation…
  12. 12. A private foundation is private , so there are few if any reporting requirements & administrative hassles Statement #7
  13. 13. Answers
  14. 14. Statement #1 <ul><li>“ The main reason for creating a foundation should be the resulting tax savings” </li></ul>
  15. 15. <ul><li>… but you should focus first & foremost on what you're passionate about & make that the mission of your foundation </li></ul>Tax savings may be one of the benefits…
  16. 16. To make your foundation work rewarding… … you need to find a way to integrate it with your own passions & your life
  17. 17. Many of the tax savings actually come from your being able to pursue your passions on pretax dollars
  18. 18. <ul><li>“ Setting up a foundation is similar to setting up a corporation” </li></ul>Statement # 2
  19. 19. … is very much like setting up a corporation Setting up a foundation…
  20. 20. A foundation is generally set up as a corporation… <ul><li>… There's also a significant amount of legal & administrative work that must be done on an ongoing basis </li></ul>
  21. 21. <ul><li>“ A private family foundation would make a terrific Christmas present for my family” </li></ul>Statement # 3
  22. 22. A foundation is a huge commitment… <ul><li>Unless your family has been closely involved in the decision making process & is deeply committed to the foundation , it won't work </li></ul><ul><li>&quot;Surprising&quot; your family with a foundation is a very bad idea </li></ul>
  23. 23. Statement # 4 <ul><li>“ If I don't like my foundation anymore, I just close up shop” </li></ul>
  24. 24. A foundation, like a corporation, is a long-term commitment… <ul><li>It becomes an entity of its own </li></ul><ul><li>You can't just start & shut them down at will </li></ul>
  25. 25. <ul><li>“ Done correctly, a foundation can be very rewarding & bring the family closer together” </li></ul>Statement # 5
  26. 26. If your foundation is truly built around your passions & those of your family… … and is well integrated into your life plan, it will likely be very rewarding
  27. 27. Working together on a shared passion… ...is bound to result in a closer relationship between you & your family
  28. 28. <ul><li>“ It's important to focus on political correctness when picking a purpose for the foundation, whether I like the activities involved or not” </li></ul>Statement # 6
  29. 29. You must create your foundation around your own passions… … not around what you perceive to be the politically correct issue of the moment
  30. 30. If you don't… <ul><li>… you will lose interest very quickly , & your foundation will become a chore , & maybe a nightmare </li></ul>
  31. 31. <ul><li>“ A private foundation is private, so there are few if any reporting requirements & administrative hassles” </li></ul>Statement # 7
  32. 32. The name notwithstanding… <ul><li>… a private foundation is subject to numerous requirements </li></ul>
  33. 33. For example, there are reporting requirements… <ul><li>… legal & administrative requirements , as well as requirements about disbursing funds to charities or for charitable activities </li></ul>
  34. 34. The Results
  35. 35. How did you do? <ul><li>If you have answered at least 6-7 questions correctly, you may be ready to take the </li></ul><ul><li>big step </li></ul>
  36. 36. Be sure to get all the fact… … though, so your foundation will become the rewarding experience you deserve
  37. 37. If you answered fewer questions correctly, you may want to get more information on private foundations… <ul><li>Find out more about how they really work & what is involved at http://PrivateFoundationCenter.com   </li></ul>
  38. 38. To help you make sure you get all the details right… <ul><li>… get your free sample chapter from the ultimate guide to using private foundations for wealth management by… </li></ul>International Wealth Management Advisor Thomas Quinlin at: http://LifestyleDesignGroupIntl.com

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