Tax Benefits of Private Operating Foundations

[nsa122]

An idea for the scrutiny of the tax-savvy on the board. As a doctor I'd like to pursue medical research and charity care when finished with training.  I was thinking of setting up a private operating foundation to pursue this work.  The tax advantages seem to be at least two:  1) you can deduct contributions of up to 50% of adjusted gross income and 2) the assets compound nearly tax free, with a tax on net investment income of 1-2%, vs the usual 15% capital gains rate.  The only requirement is a minimum disbursement of 5% of assets annually, so it seems that with anything above marginal success, you could continue to grow assets and pursue charitable endeavors indefinitely.  And as I understand it, the individual can maintain full control and execute the activities of a private operating foundation.  Does anyone have any advice or experience with family foundations or anything similar?  What are the minimum start-up administrative/legal costs of such a setup?  Thanks.