Charitable Planning and Organizations
Over the past 70 years, Bever Dye has maintained an extensive practice fulfilling the needs of tax-exempt organizations, including public and private charitable organizations and religious institutions. We have assisted in the formation of new organizations, taken part in planning to minimize tax liabilities, negotiated employment contracts and fringe benefit arrangements, and ensured compliance with private foundation restrictions and regulations.
Charitable Organizations
Charities provide services to a broad spectrum of society, spanning areas such as the arts, culture, humanities, education, environment and animals, health, human services, international and foreign affairs, public societal benefit, and religion.
Working with IRC section 501(c)(3), Bever Dye assists charitable organizations to obtain exempt status by completing and filing applications for recognition of exemption with the IRS and obtains IRS rulings regarding prospective transactions. We advise organizations on maintaining exempt status by avoiding transactions which would put their status in jeopardy, result in prohibitive excise taxes or other adverse consequences.
Tax Exemption and Planning
Trusts, foundations and corporations meeting section 501(c)(3) qualifications may be recognized as exempt from income tax and eligible for some state and local property tax exemptions. Some entities that do not qualify as exempt gain significant tax advantages, such as charitable lead trusts. Our lawyers at Bever Dye assist families and individuals to achieve their charitable objectives in the most tax-efficient way. We are experienced in tailoring the appropriate charitable gift method to the client's needs and desires, utilizing the following options, among others:
- Gift planning
- Charitable lead trusts
- Charitable remainder trusts
- Private foundations
- Family foundations
- Supporting organizations
- Public charities
- Educational organizations
- Religious organizations
- Senior housing
- Land trusts
- Sports foundations
Board of Director Guidance
Under the tax code, net earnings of a charitable organization may not benefit a private person beyond the market value of goods or services rendered. Legal guidance is often necessary to assist members of boards of directors in establishing reasonable compensation levels. Salaries or benefits considered excessive by the IRS are subject to taxes on self-dealing or excess benefit. Bever Dye offers advice to avoid director and officer liability and enable operation within the legal limits of the tax laws. This is merely one example of the types of advice Bever Dye provides its clients.
Arrange a Client Conference
Our lawyers at Bever Dye encourage you to arrange a client conference to see how we can benefit you through charitable planning and organizations. Please email or call our firm at 316-263-8294.
