Private Interest Foundations
1. Juridical Person: They are legal entities that have the capacity to exercise rights and obligations, as well as other legal entities such as corporations.
2. Heritage: a foundation's assets constitute a separate patrimony separate from the assets of the founder.
3. Parts involved in its creation: All FIPs include:
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A Founder who created the foundation, which may be the same customer or a third party "nominal founder since the signing" for confidentiality.
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The Foundation Council, which is the Appellate Body of the Foundation, responsible for administering your estate.
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The beneficiary, who is who in the end enjoy the Heritage Foundation, the beneficiary may be the same client, family and anyone else who kindly consider.
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There is an optional figure which would be the Protector, which is the sanctioning body of the foundation and its Appellate Body.
4. Regulation: The FIPs have a more private regulation containing provisions regarding the Boss Beneficiaries, property and operations of the Foundation.
5. Benefits: In addition to protecting its assets, is an excellent vehicle for planned familiarly, since their will should abide to the letter.
6. Rules: Their regulation is based on Law 25 of June 12, 1995, amended by Law 32 of August 1, 2006.
