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Classifying Family Trusts

  • 1.  Classifying Family Trusts

    Posted 30 days ago
    Hello FundServ Community,
    I'm investigating some differences in how family trusts have been coded at my institution. If I look at what we call "entity types" I see the following distribution for family trusts

    Non-Profit Organization, 3
    Individual, 2
    Family Foundation, 44
    Foundation, 5
    Estate, 1
    Corporation, 3

    Does this makes sense or should family trusts be all in one or two of the above entity types, like "Family Foundation", since that contains the bulk of them anyway.

    I appreciate your thoughts and contributions.
    Gregory



    ------------------------------
    Gregory Amarante
    Director of Philanthropy CRM
    The Trust for Public Land
    gregory.amarante@tpl.org
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  • 2.  RE: Classifying Family Trusts

    Posted 30 days ago
    Many organizations create categories based on what the IRS defines as a legal type.  So the general category of "Trust" is common.  You can then have sub-categories based on common types of trusts.

    FWIW, CASE suggests a primary category of "Foundations," which includes "personal and family foundations and other foundations and trusts that are private tax-exempt entities operated exclusively for charitable purposes."

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987