Transfer of Assets to a Public Charity: Private Foundation Termination

Understand how to identify suitable transferee organizations and distribute foundation assets appropriately.

When faced with the task of winding down operations and distributing remaining assets to a public charity, many private foundations often do not know how to navigate the myriad rules and requirements imposed by the tax code. As a result, such private foundations may find themselves with unexpected liabilities in the form of taxes and/or penalties at a time when their administrative capacity is at its lowest. This presentation will help the persons managing the wind-down of private foundations understand first how to identify suitable transferee organizations and distribute foundation assets appropriately and then how to terminate private foundation status without incurring unexpected taxes or penalties. The live webinar also explains how to determine and minimize any potential liabilities in advance and lessen the administrative burden of termination. Failing to have a proper plan prior to terminating private foundation status is one of the most common errors private foundations make when winding down and can lead to avoidable and often expensive liabilities. This workshop is critical for private foundation advisors and fiduciaries so they can ensure their plan for termination meets IRS requirements.