Estate Law Questions? Ask an Estate Lawyer.
Hello and thank you for the question. I am sorry to read of this dilemma.
It would be a 501c3
it has to have an educational, social, not for profit purpose
there would be no tax on income where used for charitable purpose
no limit on life span either.
it can come into being now or after the death of a life in being within 21 years of that death
this latter point is called the rule against perpetuities
Is that clear?
awaiting your reply.
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Is there a requirement that the seed capital be depleted to a certain extent every year? Or can the seed money be invested such that only revenues from the seed money be given for charitable work and to sustain the admin costs?
There is not
that will vary from foundation to foundation
I plan to have the administrators earn their keep by investing on behalf of the charity. Compensation would be based or increased based upon performance. Which of the various foundations am I looking for, or is that something defined in the 501c3 articles of incorporation?
*i would define in the 501c3 articles of incorporation.
In the articles
I wish you the best!
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thank you for the excellent chat