Book Description
A must-have guide that enables managers and trustees of private foundations, as well as their lawyers and accountants, to successfully navigate today's increasingly complex tax laws and reporting requirements
Private foundations are the most regulated of nonprofit organizations. Burdened with laws written over thirty years ago, which have become more complex and intricate, private foundations are forced to operate in a harsh legal environment. An operational or reporting mistake, no matter how innocent or inadvertent, can lead to immense tax and other penalties.
To reap the charitable, tax, and other economic advantages of private foundations while avoiding the perils lurking in the myriad of tax-law traps, you must be fully informed about the basic legal requirements and the many subtleties and current developments affecting private foundations.
Written by two of today's leading authorities on the laws regulating private foundations, The Legal Answer Book for Private Foundations provides this critical information in an efficient and comprehensible fashion. In clear, easy-to-understand language, the authors provide expert guidance on everything from how to set up a private foundation to how assets are invested, how funds are distributed to grantees, and how to avoid self-dealing.
You'll find answers to such critical questions as:
- What are the legal definitions of private foundation and public charity, and what constitutes a disqualified person?
- Just what are the private foundation rules and what are the penalties for violating them?
- What assets are involved in the calculations of the mandatory payout requirement?
- How are self-dealing rules avoided?
- What is an excess business holding?
- Do foundations have to file annual returns with the IRS?
- What are the alternatives to private foundations?
With the increasing opportunities for the establishment of private foundations, The Legal Answer Book for Private Foundations is an invaluable resource that is mandatory reading for anyone contemplating creation of a foundation or managing or advising an existing foundation.
Book Description
There are over half a million high-net-worth individuals in the United States. Already 5 percent of them have private foundations, and interest in setting up charitable organizations is on the rise--due to the estate and tax-planning advantages offered by foundations and the growing desire of many to give back to the community. Creating a Private Foundation is a straightforward and authoritative guide for individuals and families looking at the pluses and minuses of creating a foundation, as well as for the advisers who serve these high-net-worth clients. It explains the reasons for establishing a foundation, the steps for setting one up, and tips for avoiding common pitfalls. Author Roger Silk covers the ins and outs of private foundations from the perspective of both philanthropists and the professionals who work with them.
Customer Reviews:
private foundation fundamentals.......2006-03-09
The book is more for donors than advisors. I does not provide enough of the necessary essential legally technical information.
Useful Primer.......2003-11-01
Unwitting new philantrophists sometimes end up with bureaucratic creatures that do exactly what the donor did not want. This book is full of practical advice on how to avoid unpleasant surprises if you set up a foundation of your own, such as finding out that you have no control over its activities.
It also gives a succinct review of investment problems. Foundations can potentially last for many generations. But they can easily mismanage themselves into oblivion in short order. The authors identify seven deadly investment sins.
For example, foundations don't need to frequently redeem their investments, but some mistakenly invest in liquid assets and lose returns as a result. They would be better off with non-traditional investments like private-equity, income producing real estate, hedge funds, and timber.
Many foundations fail to diversify, unwittingly taking on risk. THey start with stock from the founder's company and continue to hold a concentrated position, exposing themselves to the vagaries of that business. In 2002 the David and Lucille Packard Foundation was forced to cut its donations drastically when Hewlett-Packard stock fell.
IN short, an easy-to-read, useful guide.
Creating Private Foundation.......2003-06-16
A great great book to give to your existing Private Foundation clients, as well as those considering their options. The book hits on several key points among many others - which are the reason to formalize your investment policy statement(IPS) and donor intent issues. The author is correct that too often good intentions fail to result in effective results. It deals with other vehicles like charitable lead trusts (CLTs) and charitable remainder trusts (CRTs) as well as donor advised and support organizations. It is a big picture book not a technical how to for the attorney!
Book Description
Private foundations are a special niche of the nonprofit sector. They are allowed to remain relatively tax-exempt in exchange for supporting charitable activities. There are more than 50,000–and growing–private foundations in the United States holding assets worth more than $230 billion. Private foundations are subject to a unique and complex set of (mostly tax) regulations that govern everything from how much money they give away to their investment policies and procedures. This much needed, annually updated manual explicates a wide range of tax rules and regulations for these foundations and prepares them for the increasing scrutiny of the IRS. Co-authored by a lawyer and tax accountant, the revised and expanded second edition of this highly respected guide includes practical tax compliance suggestions and in-depth legal explanations, line-by-line instructions, sample-filled IRS forms, and complete citations.
Download Description
Private foundations are a special niche of the nonprofit sector. They are allowed to remain relatively tax-exempt in exchange for supporting charitable activities. There are more than 50,000-and growing-private foundations in the United States holding assets worth more than $230 billion. Private foundations are subject to a unique and complex set of (mostly tax) regulations that govern everything from how much money they give away to their investment policies and procedures. This much needed, annually updated manual explicates a wide range of tax rules and regulations for these foundations and prepares them for the increasing scrutiny of the IRS. Co-authored by a lawyer and tax accountant, the revised and expanded second edition of this highly respected guide includes practical tax compliance suggestions and in-depth legal explanations, line-by-line instructions, sample-filled IRS forms, and complete citations.
Customer Reviews:
Must Have if considering your own foundation.......2000-03-29
This book comes with a hefty price - I was hesitant. If you are considering the establishment of your own private foundation, this book is a must. It is fairly heavy with the legaleze, but required when considering the thorough discussions of establishing and maintaining a foundation with respect to the applicable IRS tax code. Each topic is documented and sample tax forms are illustrated. Highly recommended - needs to be a little more user friendly for the 5th star.
Product Description
Throughout most of the past century, America, uniquely among industrial countries, assumed that private businesses would take primary responsibility for providing retirement security and health insurance to working-age people and their families--an arrangement that became known as American "welfare capitalism." That assumption has been put to the test by the fierce competitive onslaught on almost every major American industry that began in the 1970s and 1980s. In today's world of global competition, where prices are dictated by iron laws of marginalist economics, old traditions of employer-employee loyalties are a distant memory, and companies have been shedding benefit commitments as rapidly as possible. Apart at the Seams explores how this collapse of private sector retirement and health benefits came about and how it has affected the landscape of American social insurance. In making his case for reform, Morris examines the forthcoming strain on government benefit programs, the critical trends in American incomes and saving patterns, and the special features of the American health care system that make policy changes such a pressing concern. He argues that the question is not whether the American social insurance system must be fundamentally restructured--that has been going on, willy-nilly, for the past few decades--but rather whether there are reasonable paths to closing the gaping holes in the existing system without doing violence to the long-standing American disposition toward mixed-enterprise solutions.
Book Description
The Republic of Panama is recognized worldwide as a financial service provider. Seventy percent of Panama's economy is derived from the financial services that it offers. Panama has the necessary features to operate as an effective tax haven: receptive attitude toward foreign investors, economic and political stability, secrecy and confidentiality in banking and corporate law, excellent communication system, geographic location, no money exchange control laws, uses the American dollar as its currency and much of the labor force is bilingual. Among the special opportunities which Panama offers are: stock companies, open ship registration, Colon Free Zone, the Panama Canal, trust services, factoring, banking secrecy laws, and the Private Interest Foundation.
The Private Interest Foundation as an entity is the latest attribute established by the Panamanian Legislative Branch to help secure Panama's position as a tax haven. The 1995 legislation was drafted to complement the interests of foreign investors, especially those seeking asset protections. An additional protection provided by the 1995 legislation is that all persons involved in any activities, transactions or operations related to the Foundation are required to maintain full secrecy and confidentiality at all times. The punishment for breach of this duty is six months of imprisonment and fifty thousand-dollar fine, with the potential for further civil liability. This applies to persons involved in any transaction (constitution, amendments, by-laws, etc.) of the Foundation, irrespective of whether they work in the private or public sector. With the proper planning, a Private Foundation can be used as an integral part of estate planning. It is useful to keep in mind that Foundations have been established with the intent to attract capital from foreign investors, and in exchange the investor will receive secrecy on the operations made, asset protection and tax exemptions. In the event of political instability in Panama, the Foundation could relocate to another jurisdiction, subject to such jurisdiction's recognition of the Foundation. In this way the Foundation can protect itself from government instability and the assets cannot be expropriated.
A Private Interest Foundation, a legal entity, consists of the following parties: a Founder who establishes the foundation and funds the foundation with assets, referred to as "the patrimony"; and a Foundation Council that administers these assets, consistent with the objectives of the foundation, which are designated in the Memorandum of Constitution by the founder. There are two types of foundations: an inter-vivos foundation, which may be established during the founder's lifetime, and a post-mortem foundation, which is established after his/her death. The Private Interest Foundation, once registered in the Public Registry, is considered an independent, legal person, apart and separate from the Founder.
The Founder, or third persons, may transfer assets to the Foundation. The Foundation can be used to hold any type of asset, present and/or future, and may derive its income from any type of legal business, which should be held in an underlying corporation. The assets of the Foundation will constitute a separate estate from those of the Founder and Beneficiaries. They may not be seized or subjected to any lawsuits in connection with activity of the Founder or Beneficiary. Under no circumstances shall the assets of the Foundation be used to satisfy personal obligations of the Founder or of the Beneficiaries. Often the Founder retains control over the Foundation through maintaining the power of appointment of the Foundation Council. The Founder may additionally serve as a member of the Foundation Council, as a Beneficiary or as Protector. The Founder retains the power to remove all of the foregoing if so desired or can reassign these powers to another person in the Foundation. The Founder can be a natural or legal person. Furthermore, a nominee could be used as the Founder, wherefore the individual's name does not need to appear in the Memorandum of Constitution.
The Foundation Council is similar to the Board of Directors of a corporation. It makes all the decisions, for the benefit of the Foundation. The council has the obligation to administer the Foundation assets for the benefit of the Beneficiaries. In case of mismanagement of the assets of the Foundation, by the Foundation Council, the Beneficiaries can object to the actions of the council.
The Beneficiaries are the persons for whose benefit with the Foundation is established. They can be natural and/or legal persons. The objectives of the Foundation often address the education, health, food and other day-by-day living requirements of the beneficiaries, such as the family members of the Founder. The Beneficiaries of the Foundation need not appear in the Memorandum of Constitution of the Foundation. Only the persons involved in the creation of the Foundation know the identities of the beneficiaries, as established in the By-laws. The By-laws are private and are not registered in the Public Registry. In order for a third party to identify the Beneficiaries of a Foundation, he or she must have a court order to "pierce the corporate veil."
Customer Reviews:
Mark Harris is the best, top financial expert!.......2007-10-03
One of the most intelligent, well rounded, enterprising people on this planet. A financier, not unlike Michael Milken, he exposes clearly and simply the many benefits of an entity called "foundation". Based on the original financial vehicle from the Liechtenstein called Family Foundation, the Private Interest Foundation of Panama can operate as an instrument to transfer real estate, LLC's, corporations and prevent heirs from attacking the assets therein. Although definetely not a tax evasion scheme, and not intended to defraud the IRS in any way, a Private Interest Foundation can operate as an entity which greatly minimizes exposure, yet can generate international revenue through high-yield investments not commonly accessible to US investors. Marc Harris opens a whole new world of business and financial opportunities to his readers.
Good treatise on Panama Foundations, but..........2006-11-18
Mr. Harris appears to give a thorough introduction
to the Panama Foundation, but his own qualifications
are questionable. Be sure to do your own due dilligence
on the author.
I would still recommend the book to anyone exploring
offshore structure alternatives.
Panama has a lot going for it.......2001-12-06
Panama has many good things going for it. First, it's the safest place in Central or South America (the Pinkerton Global Intelligence Agency recently gave Panama its highest rating for tourist safety). It's also one of the most developed countries south of the United States (home to some of the biggest companies in the world, including 120 banking giants and other Fortune 500 companies, including Federal Express, DHL, Sears, Price Costco, and Bell South).
Plus, Panama has a stable government, a stable currency (the U.S. dollar since 1904), and virtually no inflation. In other words, this country is the exception to the rule in Central America. As The Economist recently reported, in Central America, "Panama has stood apart, sustained by its Canal, its banks, and its free-trade zone."
In other words, Panama has its act together. And is poised to become one of the most attractive overseas havens in the world in years to come.
All of these factors add to the value of creating a foundation in Panama, even if you don't choose it as a retirement haven.
A great alternative to Liechtenstein.......2001-10-16
The Panama foundation described in this book is a modest priced alternative to the Liechtenstein foundation, on which it was patterned. But as the Panama legislation is several decades newer, it is more flexible and offers a useful alternative to the average investor seeking offshore asset protection.
Book Description
This paperback reader brings together seminal papers on law and economics, with special emphasis on the foundational contributions to the economics of property, contracts and torts. The growing influence of these writings in the judicial profession, and in the academic world, underscores the relevance and importance of these early contributions and the growing maturity of the law and economics movement. These seminal papers have provided the foundations for the development of an overarching economic theory of law and, most importantly, have opened new areas of research for present and future generations of jurists and economists alike.
The articles are arranged by theme, with topics including the methodological foundations of law and economics, the efficiency of the common law hypothesis, the economics of property law and the Coase theorem, the economics of contracts and the economics of tort law. The editors, themselves distinguished scholars in the field, have written a new introduction to accompany the readings.
Book Description
Critical legal information for enhancing and expanding the activities of charitable fund-raisers
As the competition for gifts grows increasingly intense, managers and fund-raisers for charitable organizations must learn how to work with tax and business law to optimize their return. Written by the leading legal authority on tax-exempt organizations, this book provides an accessible approach to understanding the various laws and offers solutions to enhance an organization's wealth and effectiveness. Bruce Hopkins clearly explains to fund-raisers the pertinent aspects of the law, enabling them to dramatically increase funding without legal missteps. He also thoroughly details the steps needed to solve the fund-raiser's most pressing legal headaches, including maintenance of tax exemption and public charity status, planned giving, charitable giving rules, unrelated business activities, fund-raiser's compensation, state regulations, and much more.
This book provides critical answers to fund-raisers' questions such as:
- What law basics should every fund-raiser know?
- Is a charitable organization required to apply to the IRS for tax-exempt status?
- What are the charitable contribution deduction rules?
- How do the unrelated business income rules apply to fund-raisers?
- How does a charitable organization start a planned giving program?
- What are the important elements of the fund-raiser's contract?
- What are the contents of a typical charitable solicitation act?
- Can a charitable organization have a taxable subsidiary?
- When does a fund-raiser need a lawyer?
With its comprehensive coverage of the legal issues that nonprofit organizations face,
The First Legal Answer Book for Fund-Raisers is a powerful resource that every fund-raiser must have!
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Private Foundation: Tax Law and Compliance, 2004 Supplement
Bruce R. Hopkins , and
Jody Blazek
Manufacturer: Wiley
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Binding: Paperback
 General
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ASIN: 0471679763 |
Book Description
The first supplement contains new information on:
- Revised applications for recognition of exemption (Form 1023) and annual information returns (Forms 990, 990-PF). Drafts of these proposed forms are in the supplement.
- Application of the self-dealing rules in general, the personal services exception, the exception for incidental benefits, and foundation-funded disaster relief programs.
- Legislation that would revise some of the private foundation rules (such as payout requirement and the level of the self-dealing tax).
Book Description
Private foundations are subject to a unique and complex set of (mostly tax) regulations that govern everything from how much money they give away to their investment policies and procedures. This is the only single-volume reference that covers all aspects of tax compliance for private foundations.
This book is supplemented annually.
Average customer rating:
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Private Foundations: Tax Law and Compliance, 2005 Cumulative Supplement
Bruce R. Hopkins , and
Jody Blazek
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback
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ASIN: 0471728810 |
Book Description
The
2005 Cumulative Supplement includes the following:
- Form 990-PF (2004 version), filled in to illustrate reporting issues, is included in Chapter 12 to encourage careful consideration of its preparation.
- Revised application for recognition of exemption (Form 1023) is included in Chapter 2 along with some details about preparation of the form and some traps inherent therein.
- Application of the self-dealing rules in general, the personal services exception, the exception for incidental benefits, and foundation-funded disaster relief programs are also discussed.
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- The Structure of Economics: A Mathematical Analysis
- The Toyota Way
- The Ultimate Question: Driving Good Profits and True Growth
- The Venture Capital Legal Handbook: Top Lawyers & Venture Capitalists on the Laws and Documents that Govern VC Deals, Raising Capital, Mergers & Acquisitions, IPOs & More
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