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Trusts & Trustees Advance Access originally published online on May 25, 2009
Trusts & Trustees 2009 15(5):273-278; doi:10.1093/tandt/ttp049
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© The Author (2009). Published by Oxford University Press. All rights reserved.

As you like it or measure for measure? Private foundations as an alternative to trusts

Paolo Panico*

*Paolo Panico, Adjunct Professor of International Business, University of Modena, Italy and Private Trustees, SA 92 rue de Bonnevoie L-1260, Luxembourg. Tel: +352 27 48 97 31; Fax: +352 26 12 39 43; Email: paolo.panico{at}privatetrustees.net

The appeal of private foundations lies in their ‘legal personality’ and that they—due to their corporate nature—are less exposed to a ‘sham’ attack than trusts. But, the choice of a private foundation out of such arguments may prove to be deceptive. Private foundations managed under the founder's instructions may sooner or later fall prey to a ‘substantive sham’ argument. However, private foundations may be a valid alternative to trusts wherever the personal nature of the trustee's liability proves to be problematic in the light of structuring requirements, such as in dealings with third parties.


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