You can name whomever you wish to run the foundation, including your children, and the foundation can pay them a reasonable salary.
You can be very specific about which charities you want to support or you can leave that up to the trustees of the foundation, in accordance with IRS guidelines.
We can tell you much more about charitable trust planning during your free initial consultation.
Tax benefits of setting up your own foundation can be substantial.
11, Sections 2, 3, 4, 5, provide as follows: "Section 2. Sections 27-16-10 through 27-16-140 (2010) and in 25 U. (A) A lottery or raffle of any type whatsoever is unlawful unless it is authorized by the following: (1) Chapter 150, Title 59, the Education Lottery; (2) Article 24, Chapter 21, Title 12, Charitable Bingo; or (3) Chapter 57, Title 33, Nonprofit Raffles for Charitable Purposes.
(3) No events with an electronic device or machine, slot machines, electronic video gaming devices, wagering on live sporting events, or simulcast broadcasts of horse races are authorized. 3, Section 1, eff March 5, 2015, provides in part as follows: "Section 1.
The law currently allows IRS 501(c)(3) and 501(c)(19) organizations to operate an annual game of chance.
Organizations must apply and be approved by two-thirds vote of the General Assembly.
For one, you may be able to save significantly on estate, capital gains, and income taxes.
Plus, the assets you give to the foundation will be removed from your taxable estate.