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Tools to Add to Your Planning Arsenal to Achieve Your Clients’ Goals

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Tuesday, April 28 | 3:30 pm

The use of private foundations as a philanthropic planning tool continues to enjoy widespread popularity for many reasons, including donor control over grants and investments, the ability of a family to work together toward a common philanthropic mission and using the private foundation as a means to transmit personal values over generations. Private foundations, however, are subject to highly complex and often difficult-to-understand tax regime that can present traps and penalties for the unwary. This presentation will discuss a variety of topical private foundation issues and tools that philanthropic advisors should be aware of and able to thoughtfully discuss in order to assist their clients in maximizing the potential benefits of a private foundation and avoiding potential IRS penalties, including:

  • Program-Related Investments
  • Grants to Non-Charitable Organizations
  • Grants to Foreign Charity
  • Grants to Individuals
  • Compensation of Family Members
  • The Lifespan of a Private Foundation
  • Terminating a Private Foundation
  • Grants to Donor-Advised Funds
  • Private Operating Foundations
Presenter: Richard L. Fox is a Partner at the Philadelphia-based law firm Dilworth Paxson LLP, where he serves as Chair of the Firm’s Philanthropic & Nonprofit Group. His practice areas focus on charitable giving, private foundations, nonprofit corporations, estates and trusts, estate planning, and income taxation. He has been named by Worth Magazine as one of the "Top 100 Attorneys” in the United States for affluent clients and as one of Pennsylvania’s "Super Lawyers”in the areas of trusts and estates and philanthropy. Mr. Fox represents a multitude of high net worth individuals and charitable organizations, including some of the largest private foundations in the country. He holds an LL.M. in Taxation from New York University School of Law.Mr. Fox writes and speaks frequently on philanthropy and tax planning related to charitable giving. He has spoken at the Heckerling Institute on Estate Planning, where he delivered the presentation "What Every Estate Planner Needs to Know About Tax-Exempt Organizations and Charitable Gift Planning.”On March 4, 2014, he spoke on "Charitable Planning for 2014” at the Second Annual Professional Advisors Seminar for the Community Foundation of South Jersey, and on May 1, 2014, spoke on "Gifts of Property – Do You Know What You Don’t Know?” at the Univest Foundation Annual Planning Giving and Development Seminar at the PineCrest Country Club in Lansdale,PA. He also recently spoke on "The Top Ten Ways Private and Family Foundations Get into Trouble” at a Philadelphia Foundation Private and Family Foundation seminar. His most recent articles include "IRA Charitable Rollovers During Legislative Limbo,” Estate Planning Journal (Sept. 2014), and"Proposed Regulations Apply Special Basis Rules to Combined Sale of Interests in Charitable Remainder Trust,” Journal of Taxation (Sept. 2014). He has been quoted often in a variety of publications in the area of philanthropy and charitable giving. He is the author of a two-volume treatise on charitable giving published by Thomson Reuters/Warren, Gorham and Lamont, entitled "Charitable Giving: Taxation, Planning and Strategies.” 

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