The Private Foundation has long been favoured by wealthy individuals and families as a vehicle for accomplishing their wealth and succession management strategies, corporate control and their charitable objectives.
Broadly speaking they fall into the following categories:
For succession management.
For continuity of control, pension and employee benefit schemes.
For the benefit of charitable organisations.
Donations serving a specific philanthropic purpose.
Whilst the above types offer specific objectives, foundations can be established to embrace all purposes and objectives. The purposes are contained within the foundation charter and by laws.