Resources

This is where you'll find several articles written to take you deeper into the many discussions around each of our four practice areas. If you're looking for more answers to your questions, please contact us today.

Does being a nonprofit mean the organization is exempt from federal and state taxes?

No. To become exempt, the organization must meet certain requirements and formally apply with both the IRS and the state in which it is seeking an exemption. The IRS and the state of Texas require certain provisions to be included in the governing documents of the organization. They also each require formal applications requesting tax …

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What is a nonprofit and how is one formed?

A nonprofit organization is generally an organization no part of the income of which is distributable to those managing or controlling the organization (i.e. members, owners, directors, trustees, as applicable).  Instead, the income is retained by the organization to accomplish the purposes of the organization. How is a nonprofit formed? First, the type of entity is …

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Leveraging Your Charitable Giving with Donor Advised Funds

Here are 3 ways establishing a donor advised fund (DAF) can leverage your charitable giving to go further and last longer: Establish a DAF now with a large gift and parcel out donations over the years. Why would you want to do this? Maybe you’re trying to liquidate a low basis asset (like securities or …

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Part III of III: Common Misconceptions About Trusts

Part I explored what a trust is. Part II explored who needs a trust. In Part III, we’re exploring common misconceptions about trusts. These misconceptions center around three areas: who needs trusts, what can be accomplished with trusts, and how trusts operate. 1. Misconceptions about who needs trusts. Trusts are primarily for high net worth …

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Part II of III: Who Needs a Trust?

In Part I, we became familiar with what a trust is.  Now, we’re looking at the question…who needs a trust? The first threshold question in determining whether a trust is necessary, is discerning whether a will or trust is more appropriate as the foundation for the estate plan. A will may be more appropriate for …

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Part I of III: What is a Trust?

A trust is an estate planning tool, but let’s back up.  What is estate planning anyway?  From a legal perspective, it is being intentional about the legacy (financial and personal) you leave by memorializing your wishes in writing. Estate Planning Tools Estate planning is not a single document solution. There are a myriad of tools commonly …

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Special Purpose Trust Cheat Sheets

There are many short hand trust names used in estate planning. This chart is a “cheat sheet” of some of these commonly used trust names, along with “hallmarks” to help you recognize them. Download Chart (PDF)

Two Parallel Paths: Wills v. Revocable Trusts

A will is not effective until your death so it can be changed and revoked by you until your death, unless you lose the capacity to do so. On occasion, there are specific circumstances involved that make a revocable trust (also called a living trust or inter vivos trust) the better vehicle for articulating your …

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