A family foundation is a tax-effective way to support organizations that are important to you and provide a lasting legacy for your family. It can also give your children hands-on experience doing something of significance.
At The Law Offices of Kennedy & Jackson, located in Houston, Texas, our lawyers have the required experience to help your family establish and maintain a private family foundation. Our two attorneys are each board-certified in estate planning by the Texas Board of Legal Specialization, and each is a frequent lecturer on estate planning topics to other lawyers throughout Texas.
BENEFITS OF A FAMILY FOUNDATION
Both family foundations and charitable trusts provide tax-effective ways to support an organization. Either can decrease your estate tax liability to zero. Gifts made to charitable trusts and family foundations are 100 percent exempt from federal estate and gift taxes.
A family foundation is different from a trust in that it allows a family to maintain control over the distribution of contributions over a period of several generations rather than a one-time donation.
A family foundation (also known as a private foundation) can provide employment opportunities for future generations. Your children can be members of the board of directors of your family foundation and serve a vital role in continuing your family’s charitable endeavor. As a result, you can pass on more than money to your children; you can pass on your values of charity and service.
If you choose to establish a family foundation, our lawyers have the experience in business entity formation to walk you through the specific steps required for favorable tax status.
CONTACT A FAMILY FOUNDATIONS ATTORNEY IN HOUSTON
Our law office is located in the Galleria area of Houston, with free on-site parking available next to our office building. We provide a complimentary — and confidential — initial consultation to all new potential clients.
To schedule an appointment with one of our attorneys, call 713-783-7444 or send us an email.