Terminating or Reorganizing a Private Foundation
Getting a Client Out Isn’t as Hard as You May Think
Probate & Property Magazine: November/December 2008, Vol. 22, No. 5
by Mark Powell
Mark Powell is a partner in the Irvine, California, firm of Albrecht & Barney.
Sometimes the best advice you can give a client is to get out--out of a bad marriage, out of a bad business deal, out of any bad situation that is not going to get better. When it comes to private foundations, a client may want out for many reasons. The foundation's purposes may have been achieved. The board of directors may have splintered, and the organization may be paralyzed by the resulting in-fighting. The founders may have lost interest or, more commonly, may have grown weary of administering such a complex organization.