September 01, 2000

Private Operating Foundations: Helping Clients Explore "Hands-On Philanthropy" By Michael D. Martin and Mark B. Weinberg (2000, 14:05)

Private Operating Foundations: Helping Clients Explore

Probate and Property, September/October 2000, Volume 14, Number 5

Michael D. Martin is a lawyer in Houston, Texas, and is a Vice-Chair of the Probate & Trust Division's Organizational and Operating Issues of Charitable Organizations (D-2) Committee. Mark B. Weinberg is a lawyer with Weinberg & Jacobs, LLP in Rockville, Maryland. He is Chair of the Probate & Trust Division's Organizational and Operating Issues of Exempt Organizations (D-2) Committee and is a member of its Lifetime and Testamentary Charitable Gift Planning (D-1) Committee.

Increasingly, clients wish to use active philanthropy to bridge intergenerational family gaps and convey values to their children and grandchildren, especially where the family business is concerned. Conveniently, federal tax law provides significant incentives to those so inclined. The family lawyer, estate planner and tax advisor should become familiar with the tax and psychological benefits available from the use of private operating foundations and the active philanthropic experience that they provide.

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