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Maximize your philanthropic impact this season by starting a private foundation now to enjoy tax benefits, advanced charitable tools, the opportunity to create a lasting legacy, engage your family, and maintain ongoing control and flexibility over your charitable assets.


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As the holiday season approaches, the spirit of giving is in the air, and philanthropy becomes a focal point for many individuals and families. If you've ever dreamt of making a meaningful impact through your charitable endeavors, there's no need to wait to start a private foundation. Foundation Source is here to assist philanthropists and their professional teams in setting up and running foundations promptly, allowing you to begin your charitable journey sooner and reap the numerous benefits available this year. Here are the top reasons why you should consider starting your private foundation now:

Tax Deductions: Timing is crucial when it comes to tax deductions. By establishing and funding a private foundation before the end of the tax year, you become eligible for a qualified charitable deduction of up to 30% of your adjusted gross income. This is especially appealing in years when you have surplus income or realized capital gains, as it can significantly reduce your tax liability.

Advanced Charitable Toolkit:
Private foundations offer a sophisticated suite of giving tools that can help you solidify your philanthropic goals. In addition to making grants to public charities, these foundations allow you to award scholarships and prizes, conduct direct charitable activities, provide hardship and emergency gifts directly to individuals, support mission-related investments, offer low or no-interest loans to charities, align your endowment assets with your philanthropic mission, and much more. While you don't have to meet the 5% minimum distribution requirement until next year, your foundation can still assist traditional charities during this holiday season.

Start Your Legacy Now:
Private foundations are designed to endure for generations, making them the ideal vehicle for creating a lasting legacy. By associating your name with your charitable endeavors, you express your values and provide a blueprint for future generations to carry forward your vision. Moreover, by incorporating in Delaware, a preferred state for foundations, you can secure your family foundation's name and ensure the longevity of your legacy.

Engage Your Family:
The holiday season presents numerous opportunities to engage with immediate and extended family members about philanthropy and supporting your chosen causes. Private philanthropy can be an exciting and fulfilling way to collaborate with your family in establishing your mission, agreeing on priorities, evaluating causes, and working with charities. It fosters unforgettable memories that solidify your family values and promote multigenerational dialogue and collaboration.

Ongoing Control & Flexibility:
With a private foundation, you maintain control over the assets in your endowment while retaining the flexibility to allocate them across a wide variety of asset classes. This includes public equity and debt securities, private equity and credit, hedge funds, real  estate, tangible property, collectibles, cryptocurrencies, and more. This control and flexibility empower you to adapt your philanthropic strategy to changing circumstances and evolving charitable goals.

There’s no need to delay your philanthropic aspirations. Starting your private foundation now allows you to take advantage of tax benefits, create a lasting legacy, engage your family, and wield the advanced charitable toolkit at your disposal. This holiday season, consider taking the first step towards making a meaningful and enduring impact on the causes that matter most to you. With Foundation Source's assistance, you can embark on your philanthropic journey today.

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