Bernetich, Hatzell, & Pascu, LLC.

Family Foundation

A Family Foundation is a private charitable foundation which you and your family members create and of which you and your family members would be the Trustees and control how the assets are distributed for charitable purposes. Any amounts contributed to the foundation would be deductible by the donee (up to the annual limitations) for income tax purposes in the year the contribution is made and then held in the foundation for future charitable distributions. Each year you and your family members would distribute the income earned by the foundation, and any other amounts which you deem appropriate, to charitable organizations.