Knowledge Hub

Gain insights into core legal and tax topics that impact you and your loved ones

We are thrilled to share the vast amount of research that our research team has conducted, so you can not only understand the law, but also gain core legal and tax knowledge right from the source - the government!

We ONLY use government and official links to conduct research, and ensure each and every strategy that we formulate, develop, discuss, and help people implement is accurate, current, and in compliance with the rules and regulations.

You can find a plethora of resources below that link the articles, websites, commentary, or official judgments that have been enacted by the government or upheld by courts.

Please do not hesitate to reach out to us if you need some help understanding any of these concepts or want more information and additional links or court cases for any of these topics.

Here's an overview of the topics that we have included below

  1. Private foundations and philanthropy

    1. History

    2. Philosophy

    3. Overview of foundations (IRS links)

    4. Charitable tax deductions

    5. Statistics

    6. Compliance matters

  2. Trusts

    1. Definitions

    2. Types of trusts

    3. Revocable trusts

    4. Irrevocable trusts

    5. Grantor vs non-grantor

    6. Compliance matters

  3. Taxes

    1. Income tax

    2. Capital gains tax

    3. Gift tax

    4. Estate tax

    5. Probate process

  4. Entity compliance matters

    1. Illegal tax scams (beware)

    2. Sham trusts (beware)

    3. List of dirty dozen scams

  5. Removal of assets from an estate

    1. Sale

    2. Gift

    3. Donation

  6. Estate and gift taxes

    1. What is it

    2. Upcoming changes in the law

    3. Gift tax vs estate tax

    4. Exceptions to gift tax

    5. Circumventing estate & gift taxes

  7. Insurance strategies

    1. Is insurance in an estate

    2. Removal of insurance from an estate

    3. Trusts and insurance

  8. Asset liquidation & business succession

    1. Liquidating stock/securities

    2. Business sales and exits

    3. Business succession

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:

    1. 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

TRUSTS

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

TAXES

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/

ENTITY COMPLIANCE

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

ESTATE RESTRUCTURING

STRATEGIES TO LOWER THE ESTATE SIZE

  1. Bona fide sale

  2. Completed gift

  3. Completed donation

INSURANCE

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:

UPCOMING CHANGES IN THE LAW

All About Wealth Statistics

All About Gift Law™

BUSINESS SUCCESSION, MISC.

All About Wealth Statistics

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