Private foundations, known in some jurisdictions as family foundations, are legal entities that often serve as an alternative to a conventional will. In most cases, foundations are used to safeguard assets, protect privacy, and plan family wealth.
Unlike trusts, foundations fully own the assets contributed to them, so capable management is vital to ensure appropriate outcomes. Copaz provides this management by serving as the foundation board. We specialise in Liechtenstein Foundations – special-purpose asset protection tools that are permitted to engage in non-commercial or private-benefit activities.
In all instances, the founder establishes the foundation for a particular purpose and enshrines his or her intentions in the foundation’s bylaws. The founder is also solely responsible for designating the foundation’s beneficiaries, as well as the precise benefits they will receive.
Copaz, as the foundation board, is only entitled to distribute assets to these named beneficiaries, in line with the founder’s wishes. In addition, some founders may prefer to appoint an advisor or guardian, who will be charged with overseeing the foundation board’s activities.