Help! Someone Hijacked My Foundation!
Author: Douglas W. Stein.
Source: Volume 05, Number 04, May/June 2006 , pp.1-3(3)
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Abstract:
Imagine creating a private foundation (i.e., a type 3 supporting organization) to benefit the poverty-stricken region of a foreign country in which your client was born. You, the attorney, your client, his trusted financial advisor, and a member of a national charity sit on the board of directors. The members of the board work well together until your client dies. After your client dies, the board appoints another member of the national charity to the board. In a short time you find yourself and your client’s former financial advisor off of the board.Keywords:
Affiliations:
1: Barris, Sott, Denn & Driker, P.L.L.C.