9 Benefits Of Establishing A Family Foundation

2023-05-04

In this episode, Toby Mathis, Esq., of Anderson Business Advisors welcomes Karim Hanafy, Esq., head of Anderson Business Advisors’ Non-Profit Division. Karim and Toby will go over nine benefits of establishing a family foundation, the various tax benefits, and show you how you can get started today. Karim Hanafy is a nonprofit attorney with over 20 years of experience forming nonprofit organizations, obtaining 501(c)(3) tax-exempt status, advising with ongoing compliance, and assisting with annual tax reporting. Karim previously worked in the Tax Exempt D...

Karim Hanafy is a nonprofit attorney with over 20 years of experience forming nonprofit organizations, obtaining 501(c)(3) tax-exempt status, advising with ongoing compliance, and assisting with annual tax reporting. Karim previously worked in the Tax Exempt Division at the IRS, and he uses his IRS experience to advise nonprofit organizations on the application process and ongoing compliance.

Highlights/Topics:

Karim’s background, the IRS, and journey to Anderson
Legacy planning and asset protection
Non-profits are not just for the wealthy
The list of benefits
Annual donation limits - public vs private, cash vs. stock
Growing assets ‘tax efficiently’
Family can serve as board members
Control is maintained by the family
Payout requirements - private vs public
Working for a foundation after retirement
Deferring your salary from a non-profit
Avoiding estate taxes
Next steps to starting a non-profit
Public charity or private foundation?
File with the IRS - Karim has been getting approved with lightning speed- 100% of Anderson’s filings are approved
Funding the non-profit
Contact Anderson Business Advisors or come to our Non-Profit Workshops