A Private Foundation is a commonly used wealth planning instrument with a distinct legal personality. It is controlled and directed by the foundation council who act according to the wishes of an individual or a family. It does not normally pursue any commercial activities, nor is it used for charitable purposes. The principal transfers specific assets to the Private Foundation, which are then endowed for specific purposes defined in the bylaws e.g. for general maintenance, support, education and livelihood of various family members, specific individuals and/or a charity. The assets pass from the personal estat of the principal to the foundation. The Private Foundation has its own internal administration, the foundation council, for the conduct of its affairs. 

  Please contact us to enquire about the establishment of a Foundation for your wealth and tax planning needs.