What are the Legal Responsibilities of Family Foundation Board Members?
As a board member or trustee of a family foundation, you must be willing to take legal responsibility for your foundation as a separate legal entity. While some of the rules may seem onerous, proper procedures and board member education can minimize the risk to you and your foundation. The majority of individuals never get into trouble, but you should be aware of the legal rules governing family foundations. As with all legal issues, a qualified attorney should always be consulted.