Family foundation

A family foundation is established by a deed or will in which the founder expresses his or her intention to create such an organisation. It is crucial that the objectives of the foundation, how the assets are to be managed and the rules for the distribution of benefits among the beneficiaries are precisely defined. The process also requires certain legal requirements to be met, including registering the foundation with the National Court Register. A family foundation is therefore a tool for effective succession planning, allowing assets to be passed on to the next generation without the risk of dispersal or loss of control by the family. Moreover, such a structure can be particularly beneficial in the context of running a business, providing stability and continuity in business management. Establishing a family foundation is therefore a strategic step that can bring long-term financial benefits and facilitate the preservation of the family legacy.

Wynimko & Partners law firm from Bialystok provides legal assistance in the process of establishing a family foundation. The law associated with it concerns the so-called succession of companies. In doing so, it follows the best-performing law of this type in Austria, Liechtenstein or Germany.

The creation of a family foundation is a decision that has many benefits, especially in terms of protecting and managing family assets over the long term. A family foundation makes it possible to consolidate assets and ensure their integrity, which is particularly important in the case of family businesses. This avoids potential conflicts between heirs and ensures continuity in the management of the business. In addition, a family foundation can serve as a tool for tax optimisation and estate planning, which is important in the context of a family's long-term investment strategy. It is also worth noting that a family foundation can be used to support charitable activities, which allows for the realisation of social goals in line with the family's values. Therefore, the decision to establish a family foundation should be preceded by a thorough analysis of the needs and long-term goals of the family.

A family foundation acts, in a way, like a treasury or family bank. It realises the founder's vision by raising funds. In doing so, it safeguards the generational operation of the business and provides for and secures the financial needs of the beneficiaries - the family members.

This involves the two basic tasks of the foundation, which include:

It is worth mentioning that a foundation can be established by several family members - the founders.

Establishing a family foundation is a multi-step process that requires careful preparation and consultation with an experienced lawyer. The first step is to create a foundation deed, which defines the objectives, structure and rules of the foundation. This is followed by the drafting of the statutes, which clarify the rules for the management of the assets and the rights and obligations of the beneficiaries. The next step is to accumulate the assets that will be transferred to the foundation - these can be both monetary assets and real estate or shares in companies. Once the foundation is registered with the National Court Register, it acquires legal personality, which allows it to formally operate. This process is complicated, therefore the support of a lawyer is crucial, who will ensure that all activities comply with the law and that the available legal tools are used optimally. Wynimko Law Firm offers comprehensive assistance at every stage of this process, ensuring an individual approach and tailoring solutions to the specific needs of each family.

Family foundations will provide opportunities:

A foundation has legal personality. One of the conditions for its establishment will be that it has its registered office in Poland. On the other hand, it will be created by virtue of a notarial deed or a will and the will contained therein to create a family foundation.

Working with a lawyer when setting up a family foundation is crucial for the proper and effective operation of such an organisation. A lawyer will not only advise on legal and tax issues, but will also help optimise the management of assets and safeguard the interests of all beneficiaries. Wynimko Law Firm offers full legal support, which also includes advice on best foundation management practices. The lawyer also plays a key role in the process of creating the foundation statutes and the foundation deed, which must be precisely tailored to the family's needs and objectives. This ensures that the family foundation can function in accordance with the founder's intentions while meeting all legal requirements. The lawyer will also provide ongoing legal services to the foundation, including advice on changes to the statutes, the management of assets and the resolution of potential conflicts between beneficiaries.

Our legal assistance in the context of family foundations is aimed at the residents of Zambrow, Suwałki, Łomża and Bielsko Podlaskie.

Clients of Wynimko & Partners law firm in Bialystok can count on legal assistance both at the stage of establishing a family foundation and its ongoing operation. To summarise:

It is now emphasised that the establishment of a family foundation is beneficial in any case. However - essential - it is in the case of a family with many children or planning a generational transfer. It is also emphasised that the early establishment of a foundation offers the greatest benefits. We will be happy to explain these and other details to you when you contact our law firm in Bialystok.