By Roger D. Silk, James W. Lintott, Andrew R. Stephens, Visit Amazon's Christine M. Silk Page, search results, Learn about Author Central, Christine M. Silk,
Think all you need to complete together with your philanthropy. Now photo a wide component of your assets by no means attaining their meant use because of negative thoughts, mismanagement, or pointless taxes.Today the possibilities within the philanthropic zone are better and extra assorted than ever. deepest foundations, which provide a number of property and tax-planning merits in addition to exceptional donor keep an eye on, became the motor vehicle of selection for extra than sixty thousand individuals and families--and could be excellent for you.Creating a personal beginning introduces the problems you must comprehend and offers the massive photograph on how foundations paintings. It tells you precisely what's concerned for you, for the factors you care approximately, on your funds and taxes, and in your heirs.Chapters deal with the practicalities in addition to the consequences of founding, investment, organizing, and working a good starting place, together with starting to be its endowment, allocating its resources, and choosing specialist starting place administration support. Roger Silk, James Lintott, and their colleagues, leaders within the starting place consulting enviornment, have pooled their knowledge during this entire advisor for donors and your advisers. if you are seeking to make a distinction, there's no larger consultant.
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Extra resources for Creating a Private Foundation: The Essential Guide for Donors and Their Advisers
Example text
For example, a founder could write very narrow language into the trust document (see Chapter 6), or very broad language. For this reason, some founders believe that a trust gives them more control because it can be more difficult to change a trust, as compared to a corporation. However, structuring a trust very narrowly is not inherently better than making restricted gifts to the foundation, and may inadvertently (because of the difficulty of making changes) tie the hands of the trustee—even if the trustee is the founder—when unforeseen changes occur.
If we apply IRS discount rules, the amount that will go to the kids in twenty years has a value of about $343,000 today. That’s the amount that will be taxed. At 50 percent, the tax will be $171,000. This is a huge bargain. 8 million, and the kids will get this with no further tax. Let’s review what has happened. 8 million. 1 percent). 6 million, and then gives it to his children. 8 million. The charity receives nothing. 1 million to charity. Why does a CLT make tax sense? The tax-saving power of a CLT comes from the mathematical phenomenon known as the “time value” of money.
Example 4—The estate tax advantage. Now let’s look at the advantage created by the estate tax exemption. Again, let’s assume that both Bill and Bob die at eighty-two. Bill leaves no additional assets to charity because he is already leaving a sizable foundation. 8 million, to a newly created foundation. 8 million to his new foundation). Estate taxes will take 50 percent of each man’s personal assets. Neither foundation will be affected by estate taxes. 85 million. 2 million. When Joe and Carla compare notes, they go back over the histories of their father’s financial lives.