Private Interest Foundations are interesting legal entities with numerous benefits. Since PIF´s do not have owners, but beneficiaries, you might wonder who manages them and how they are managed. There are numerous roles within the PIF that can contribute to asset management.
Managing a Private Interest Foundation
Private Interest Foundations consist of a founder, beneficiary, protector, and council members. The council members play a significant role in the way that the PIF is managed. These individuals make decisions about how to generate more assets for the PIF and how those assets are distributed to intended beneficiaries.
In many respects, the council members are bound to follow the wishes of the protector, who is ultimately responsible for maintaining the PIF. The council, however, makes it possible for the PIF to rely on more than one person. If, for instance, the protector were to pass away, then the PIF would not be put in jeopardy. In this, though, the council will usually rely on a letter written by the protector that describes his or her wishes for the PIF.
The Specific Management Needs of Your PIF
Private Interest Foundations are flexible legal entities that might allow you to set some of your own management rules. Before making any decisions about the way that your PIF’s assets are managed, you should talk to a legal expert who has worked in this area for many years.
The lawyers at Delvalle & Delvalle can give you the information that you need to make smart choices that will benefit everyone connected to the PIF. Contact them to learn more about your options.