Pull out those lucky golden tickets because the Mega Millions lottery jackpot has reached a record $1.6 billion. (The Powerball isn’t too shabby either, at $620 million). Undoubtedly, we’ve all daydreamed about what we would do with cash like that. Maybe your dream is jet setting, paying off debt (and then some), funding educations for your entire family, building a swank mansion stocked with Teslas…but, let’s bring it back to reality for a moment and talk about two perfectly practical and important things you SHOULD add to that list if you’re suddenly a Mr./Mrs. Money Bags.
Undoubtedly, if you come into massive wealth everyone is going to come out from the woodwork to try and get a piece of it. It’s great to share your winnings with the people and causes you care about, but you definitely don’t want fraudsters, scammers, or thieves looking to swoop in a take a piece of the pie. One of the best ways to protect your cash is by founding a private foundation. After you win, donate the money to your newly founded [Insert Your Name Here] Family Foundation of which you can serve as the executive director.
This is a smart move on multiple advisable fronts. For starters, because a private foundation is a charitable organization, you minimize your personal tax liability greatly. Furthermore, and more importantly, you get to use your endowed Foundation to support your charitable passion projects, help your community, and solidify a reputation for being an influential philanthropist. (Inspirational speaker circuit anyone?)
The private foundation, with its sound investment policies, is also a good way to have the principle grow significantly over time.
With a private foundation, you can serve as the executive direction and then hire family members and friends to essential administrative roles. Wondering how you actually “see” any of that money you transferred to your foundation? Salaries for such positions can be established based on private foundations of a similar size and wealth, so you can expect at least “enough” for an affluent life.
When founding a private foundation, enlisting an experienced nonprofit attorney is a must. Have your attorney advise on the IRS regulations you need to adhere to like filing the appropriate documents, refrain from political donations, and adopt important good governance policies and procedures. Additionally, you’ll want to avoid self-dealing like the plague! That means you can’t use foundation funds for your personal benefit, even if you founded it, because the foundation is completely separate different legal entity with a governing board of trustees who owe the foundation a fiduciary duty.
There is much more to be said on the minutia of forming a compliant, successful private foundation, but we’ll save that for a future post! In the meantime, if you have questions, don’t hesitate to contact me!
You don’t need to be a lottery winner to establish a charitable organization (private or public)! With a mission, vision, and the tenacious drive to make an impact, you can form your own organization at any time if you follow the proper process. I’d love to help make your estate planning goals and charitable organization dreams happen at any asset level. Schedule your free consult or drop me a line via email or phone (515-371-6077).
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/10/Screen-Shot-2018-10-24-at-1.16.07-AM.png6781026Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-10-23 01:27:332020-05-18 11:28:50You Won the Lottery! Here's What You Should Do Now
I could use your opinions! As a lawyer who strives to maximize charitable giving in Iowa (the mission of Gordon Fischer Law Firm), estate plans are a regular part of my job. But, for most people, estate planning isn’t a normal part of the day-to-day. So, I am doing research on how and why people obtain estate plans and would appreciate if you could take three minutes (or less!) to share your thoughts and experiences with me. The goal of this survey is to gather candid feedback and varying perspectives on this topic. Note that the survey is completely anonymous and confidential.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/03/feedback-board.jpg15362048Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-10-22 04:45:102020-05-18 11:28:50Survey: I Want Your Valuable Feedback
Halloween and Thanksgiving aren’t the only things you should be looking forward to in October and November! I like to help spread the word about all the awesome events, awards, and grants available in Iowa. There are so many great opportunities for nonprofit pros, board members, volunteers, and donors, that range from webinars to workshops. But, life is busy, and it can be hard to keep track of what you should register for or put on your calendar. That’s why I compiled a list for your convenience!
Learning Events & Trainings
10/11- Nonprofit Learning Lab is hosting a Nonprofit Institute in Des Moines.
10/15- Drake University Center for Professional Studies is offering a grant writing workshop that offers a wide array of competencies in the art of grant writing.
10/19- At the New Iowans Summit attendees will learn more about immigrants and refugees, their contributions to central Iowa, and their ongoing needs in our community.
10/22- Nonprofit Organizations Conference in West Des Moines, designed for CPAs who have nonprofit organizations as clients, financial officers or board members of nonprofits, and staff accountants involved with tax and accounting issues of nonprofits.
10/23- October Nonprofit Meetup, hosted by Iowa Startup Accelerator. Anyone from the community that is interested in learning about area nonprofits and how they can get engaged to help them thrive here in Iowa in encouraged to attend.
11/9-11/10- Civic Action Academy presented by Campus Connect. This is a unique professional development opportunity for students interested in learning new ways of making a difference and building skills through civic and community engagement.
11/19- Des Moines Fundraising Institute will offer the first of two sessions designed to equip you with all the fundraising basics! Participants will obtain a core understanding of key concepts, terms, historical approaches, and industry structures in fundraising.
There are so many great events and opportunities for nonprofits and the people that advance them that there is no doubt I missed some in the list above. Please feel free to add applicable events for October and November in the comments below! If you would like to notify GFLF of any upcoming nonprofit-focused events and opportunities in the coming months, don’t hesitate to email GFLF’s Chief Content Officer at mackensie@gordonfischerlawfirm.com.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2018/09/Screen-Shot-2018-10-11-at-12.15.30-AM.png6891052Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-10-10 21:09:072020-05-18 11:28:50Nonprofit Events and Opportunities in October & November
You Won the Lottery! Here’s What You Should Do Now
UncategorizedPull out those lucky golden tickets because the Mega Millions lottery jackpot has reached a record $1.6 billion. (The Powerball isn’t too shabby either, at $620 million). Undoubtedly, we’ve all daydreamed about what we would do with cash like that. Maybe your dream is jet setting, paying off debt (and then some), funding educations for your entire family, building a swank mansion stocked with Teslas…but, let’s bring it back to reality for a moment and talk about two perfectly practical and important things you SHOULD add to that list if you’re suddenly a Mr./Mrs. Money Bags.
Make an Estate Plan
It’s definitely true that estate planning is not just for the wealthy, but that doesn’t mean it’s NOT for the wealthy too! Estate planning is essential for the effective and successful transfer of wealth for high net worth individuals. A quality estate planner will take all assets (from artwork to real estate to investments) into consideration when deciding what strategies, vehicles, and tools to maximize your goals, tax savings for your estate, and solidify your legacy. (You do not want to join the likes of these celebs who passed away without a will!) With a high net worth, you definitely need to consider different types of trusts in addition to how best to practice charitable giving through testamentary gifts.
If you already have an estate plan, that great! But, with a massive influx of wealth you’ll likely need major updates and revisions.
Found a Private Foundation
Undoubtedly, if you come into massive wealth everyone is going to come out from the woodwork to try and get a piece of it. It’s great to share your winnings with the people and causes you care about, but you definitely don’t want fraudsters, scammers, or thieves looking to swoop in a take a piece of the pie. One of the best ways to protect your cash is by founding a private foundation. After you win, donate the money to your newly founded [Insert Your Name Here] Family Foundation of which you can serve as the executive director.
This is a smart move on multiple advisable fronts. For starters, because a private foundation is a charitable organization, you minimize your personal tax liability greatly. Furthermore, and more importantly, you get to use your endowed Foundation to support your charitable passion projects, help your community, and solidify a reputation for being an influential philanthropist. (Inspirational speaker circuit anyone?)
The private foundation, with its sound investment policies, is also a good way to have the principle grow significantly over time.
With a private foundation, you can serve as the executive direction and then hire family members and friends to essential administrative roles. Wondering how you actually “see” any of that money you transferred to your foundation? Salaries for such positions can be established based on private foundations of a similar size and wealth, so you can expect at least “enough” for an affluent life.
When founding a private foundation, enlisting an experienced nonprofit attorney is a must. Have your attorney advise on the IRS regulations you need to adhere to like filing the appropriate documents, refrain from political donations, and adopt important good governance policies and procedures. Additionally, you’ll want to avoid self-dealing like the plague! That means you can’t use foundation funds for your personal benefit, even if you founded it, because the foundation is completely separate different legal entity with a governing board of trustees who owe the foundation a fiduciary duty.
There is much more to be said on the minutia of forming a compliant, successful private foundation, but we’ll save that for a future post! In the meantime, if you have questions, don’t hesitate to contact me!
You don’t need to be a lottery winner to establish a charitable organization (private or public)! With a mission, vision, and the tenacious drive to make an impact, you can form your own organization at any time if you follow the proper process. I’d love to help make your estate planning goals and charitable organization dreams happen at any asset level. Schedule your free consult or drop me a line via email or phone (515-371-6077).
Survey: I Want Your Valuable Feedback
Estates & Estate Planning, From Gordon's Desk...I could use your opinions! As a lawyer who strives to maximize charitable giving in Iowa (the mission of Gordon Fischer Law Firm), estate plans are a regular part of my job. But, for most people, estate planning isn’t a normal part of the day-to-day. So, I am doing research on how and why people obtain estate plans and would appreciate if you could take three minutes (or less!) to share your thoughts and experiences with me. The goal of this survey is to gather candid feedback and varying perspectives on this topic. Note that the survey is completely anonymous and confidential.
Click here to take the short survey.
Nonprofit Events and Opportunities in October & November
Events, NonprofitsHalloween and Thanksgiving aren’t the only things you should be looking forward to in October and November! I like to help spread the word about all the awesome events, awards, and grants available in Iowa. There are so many great opportunities for nonprofit pros, board members, volunteers, and donors, that range from webinars to workshops. But, life is busy, and it can be hard to keep track of what you should register for or put on your calendar. That’s why I compiled a list for your convenience!
Learning Events & Trainings
Grants
There are so many great events and opportunities for nonprofits and the people that advance them that there is no doubt I missed some in the list above. Please feel free to add applicable events for October and November in the comments below! If you would like to notify GFLF of any upcoming nonprofit-focused events and opportunities in the coming months, don’t hesitate to email GFLF’s Chief Content Officer at mackensie@gordonfischerlawfirm.com.