Insights And Resources

Learn About Wills, Trusts, And Foundations In More Depth

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Private Foundation Program

  1. Become-A-Philanthropist Program: Click here

  2. FAQs About Private Foundations: Click here

  3. Free Online Community For Private Foundation Board Members

Public Nonprofit Program

  1. USA and Canada Nonprofit Registration and Approval: Click here

  2. Join Our Community Of Social Entrepreneurs and Philanthropists: Click here

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Law and Tax Resources

Below, you'll find a plethora of educational resources, links, documents, and webinars that can help you gain a more robust understanding of different law and tax concepts and how you can apply them

All About Private Foundations™

  1. HISTORY OF PRIVATE FOUNDATIONS:

    1. History of the the tax-exempt sector: https://www.irs.gov/pub/irs-soi/tehistory.pdf

    2. Gospel of Wealth, 1889: https://media.carnegie.org/filer_public/0a/e1/0ae166c5-fca3-4adf-82a7-74c0534cd8de/gospel_of_wealth_2017.pdf

    3. Senator Hollis, Congressional Records, 1917: https://www.govinfo.gov/content/pkg/GPO-CRECB-1917-pt7-v55/pdf/GPO-CRECB-1917-pt7-v55-8-1.pdf

  2. RESOURCES FROM THE IRS:

    1. IRS Publication on Private Operating Foundations (an excellent overview with definitions and distinctions): https://www.irs.gov/pub/irs-tege/eotopicn84.pdf

    2. IRS Page of private foundations: https://www.irs.gov/charities-non-profits/private-foundations

    3. The lifecycle of a private foundation: https://www.irs.gov/charities-non-profits/private-foundations/life-cycle-of-a-private-foundation

    4. Lifecycle of a private foundation (explained in a graph): https://www.irs.gov/pub/irs-tege/Life_Cycle_Private_Foundation_graphical.pdf

    5. Private foundations explained (Interview format): https://www.stayexempt.irs.gov/se/files/downloads/FoundationClassification_Print.pdf

  3. CHARITABLE TAX DEDUCTIONS: RULES AND REGULATIONS:

    1. Charitable Contribution explained in more depth: https://www.irs.gov/charities-non-profits/charitable-contributions

    2. Publication on Charitable Contributions (PDF): Publication 526: https://www.irs.gov/pub/irs-pdf/p526.pdf

    3. Compliance guide for private foundations (PDF): https://www.irs.gov/pub/irs-pdf/p4221pf.pdf

  4. PRIVATE FOUNDATION STATISTICS:

    1. Stats on foundation expenses and compensation: https://www.urban.org/sites/default/files/publication/50481/311281-Foundation-Expenses-and-Compensation.PDF

    2. Report on private foundations (fund size, average grant size, etc.): https://20294318.fs1.hubspotusercontent-na1.net/hubfs/20294318/Resource-Hub/PDFs/FS-2023-Report-on-Private-Philanthropy.pdf

  5. COMPLIANCE MATTERS:

    1. IRS mini-course on "self-dealing" exceptions: https://www.stayexempt.irs.gov/home/depth-topics/self-dealing-exception

    2. Excess business holdings rule: https://www.irs.gov/charities-non-profits/private-foundations/excess-business-holdings-of-private-foundation-defined

      1. Excess business holdings Section §4943: https://www.irs.gov/charities-non-profits/irc-section-4943-taxes-on-excess-business-holdings

      2. Exception to the excess business holdings (Paul Newman Case): https://news.bloombergtax.com/daily-tax-report/insight-newmans-own-exception-to-excess-business-holdings-rule-allows-private-foundations-to-own-100-of-a-business-enterprise

      3. Philanthropic Enterprise Act: https://www.govinfo.gov/content/pkg/CRPT-114srpt20/pdf/CRPT-114srpt20.pdf

      4. Explanation of Newman Owns Exception: https://www.seyfarth.com/news-insights/be-the-next-paul-newman-give-100-of-your-business-to-your-private-foundation-newman-s-own-style.html

      5. Excise taxes on investment income:

  6. GRANTS AND DONATIONS:

  7. Grants to individuals: https://www.irs.gov/charities-non-profits/private-foundations/grants-to-individuals

  1. PUBLIC NONPROFITS:

    1. IRS Search tool to find tax-exempt nonprofits: https://www.irs.gov/charities-and-nonprofits

All About Trusts™

  1. Definition of a Grantor: https://www.irs.gov/pub/irs-regs/td8890.pdf

  2. Definition of a Person: https://www.irs.gov/pub/irs-drop/rr-07-22.pdf

  3. Definition of Trusts and how they operate: https://www.irs.gov/pub/irs-tege/eotopicf01.pdf

  4. Supreme Court Case: Trust can conduct business/trade: https://www.supremecourt.gov/DocketPDF/18/18-457/90143/20190228151050958_37720%20pdf%20Rini.pdf

  5. More about charitable reminder trusts: https://www.irs.gov/charities-non-profits/charitable-remainder-trusts

  6. New ruling: 2023: Basis of Property Acquired from a Decedent: https://www.irs.gov/pub/irs-drop/rr-23-02.pdf

All About Taxes™

  1. FAQs on tax topics from the IRS: https://www.irs.gov/faqs

  2. IRS Link for An Employment Identification Number (EIN): https://www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers

  3. Trade or business expenses (travel expenses): https://www.irs.gov/pub/irs-drop/rr-99-7.pdf

  4. Economic Substance Doctrine for transactions and update in the law: https://www.americanbar.org/groups/taxation/publications/abataxtimes_home/23fall/23fall-ac-jellum-gss-holdings/

Law and Tax Compliance Matters™

  1. IRS Warns People To Recognize illegal tax avoidance schemes: https://www.irs.gov/pub/irs-pdf/p3995.pdf

  2. How to report IRS Scams: https://www.irs.gov/businesses/small-businesses-self-employed/tax-scams-how-to-report-them

  3. IRS Shines Light On "Spendthrift Trusts", sometimes promoted as "“Non-grantor, irrevocable, complex, discretionary, spendthrift trust" or "pure trusts" or "express trusts": https://www.irs.gov/pub/lanoa/am-2023-006-508v.pdf

  4. Abusive trusts - IRS gives warning against tax schemes: https://www.irs.gov/businesses/small-businesses-self-employed/abusive-tax-schemes-and-abusive-tax-return-preparers-irs-lead-development-center

  5. IRS warns people against falling for the Dirty Dozen Tax Scams: https://www.irs.gov/newsroom/dirty-dozen

All About Insurance Strategy™

  1. Insurance proceeds are included in your estate if there are "incidents of ownership": https://www.govinfo.gov/content/pkg/CFR-2010-title26-vol14/pdf/CFR-2010-title26-vol14-sec20-2042-1.pdf

  2. Section 2042: Proceeds of life insurance: https://www.law.cornell.edu/cfr/text/26/20.2042-1

  3. Insurance proceeds are included in your estate: https://www.irs.gov/faqs/interest-dividends-other-types-of-income/life-insurance-disability-insurance-proceeds

  4. Insurance proceeds are not included as income taxes:

  5. Transfer to an ILIT upon death:

  6. Leveraging gift tax limits and trusts with insurance:

All About Wealth Statistics

All About Gift Law™

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