Abstract
Abstract Most German foundations serve the common good. Nevertheless, setting up a private foundation in Germany has proven to be a valuable instrument in private wealth management and estate planning. About 5% of all German foundations are the so-called family foundations with the purpose of serving the interests of one or more families. There are numerous possible areas of application, such as business succession, asset protection, estate planning, and/or use of tax advantages. This article is intended to describe the concept of the German family foundation, its establishment, constitution, and termination, as well as its taxation, in order to provide an overview of its advantages, disadvantages, and possible applications. The German non-profit foundation shall not be discussed.
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