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Create Your Private Family Foundation - A Quiz
- 1. Private Family Foundations Are You Ready to Create Your Own Foundation? A Quiz By Thomas Quinlin
- 2. Would you like to create a private family foundation?
- 4. Take this quiz to find out if you're ready
- 6. Statement #1 The main reason for creating a foundation should be the resulting tax savings
- 7. Setting up a foundation is similar to setting up a corporation Statement #2
- 9. Statement # 4 If I don't like my foundation anymore, I just close up shop
- 10. Done correctly, a foundation can be very rewarding & bring the family closer together Statement #5
- 12. A private foundation is private , so there are few if any reporting requirements & administrative hassles Statement #7
- 13. Answers
- 16. To make your foundation work rewarding… … you need to find a way to integrate it with your own passions & your life
- 17. Many of the tax savings actually come from your being able to pursue your passions on pretax dollars
- 19. … is very much like setting up a corporation Setting up a foundation…
- 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. Working together on a shared passion… ...is bound to result in a closer relationship between you & your family
- 29. You must create your foundation around your own passions… … not around what you perceive to be the politically correct issue of the moment
- 34. The Results
- 36. Be sure to get all the fact… … though, so your foundation will become the rewarding experience you deserve