Hello. My Grandfather passed last year and has left behind a trove of personal assets. He was a prominent architect in South Asia, considered the father of architecture in his home-country, and designed many wonderful buildings (and won many awards including one for lifetime achievement).
My Grandmother wants to create a foundation or memorial in his name in the US (this is where he was educated/trained and has close ties). This includes his personal effects (books, drafts, writings) as well as his designs and awards. Funding will be provided by my family and friends privately. We are looking at partnerships with schools, etc in the area but the foundation should remain private within the family. Should we pursue a LLC or Non-Profit exemption?
This question is more appropriately answered by a business lawyer.
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Forming a non-profit 501(c)(3) Charitable Organization would be your best option in order to not pay taxes, with an LLC you would be liable for state and federal taxes.
You should definitely contact an attorney to set-up this non-profit so that your Foundation's foundation is secure.
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A Not for Profit would likely be your best option. You should consult with an attorney whose practice is concentrated in business and not for profit work.
This answer is for informational purposes only and is not meant to be nor should it be considered the providing of legal advice.
Yes, have the first step be to hire a skilled attorney to arrange a not for profit and an LLC to organize this project. Many of us are available for this kind of work, so good luck
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