Personal Finance
Trump Has a Family Foundation. Why Don’t You?
Leave a legacy, take a deduction: There are thousands of these, most with less than $1 million in assets. It can get complicated.
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Everyone who is anyone, it seems, has a family foundation. And then some.
More than 40,000 of these tax-exempt organizations were actively making grants in the U.S. as of 20141479936736945, according to the Foundation Center. Among the more than 5,600 such foundations in New York is one headed by President-Elect Donald Trump, which acknowledged in a recent filing with the Internal Revenue Service that it had engaged in self-dealing.