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The Sixth Deadly Sin that Can Undermine High-Net Worth Families

Sixth Deadly Sin: The “Do It Yourself” Private Foundation

The IRS and various states are looking closely at Family Foundations. If you don’t believe me, just look at all of the new questions on revised Form 990-PF.

Board compensation, Board meetings in tropical locales, benefitting charities that your company does business with: all of the above concerns Uncle Sam. If you find yourself in an audit of your Foundation, you will get to experience what the Spanish Inquisition looked like. Your business life stops and your golf game suffers.

The moral of this story: independence and objectivity go a long way in this regard.

Next Blog: Seventh Deadly Sin: Lack of Communication with Family Members, Especially Regarding Family Values and Legacy Issues-