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With more than 20 years of legal, tax and accounting experience, the law firm of Ken R. Ashworth & Associates is ideally prepared to help high net worth clients and families establish and maintain private foundations. Because of the firm’s tax expertise, estate planning experience, and comprehensive knowledge of accounting and taxes, we have literally saved clients tens of millions of dollars by ideally forming and filing taxes for private foundations.
We are able to account for all possible tax ramifications, including estate taxes. Because we take a personal approach, working closely with every client, we are able to anticipate and understand even the most subtle, complex and nuanced issues. From there we can take actions that are ideal for long-term financial well-being.
While other firms may have a specific competence in any one of the aforementioned areas, our comprehensive understanding of these specific areas of law allows us to ideally serve clients throughout Nevada.
The process of forming and maintaining a private foundation can be an incredibly complex endeavor. The purpose of a private foundation is frequently, though not always, to set up a foundation to which wealth can be distributed. This can be a very powerful tool for securing wealth within a family, but it must be ideally established and maintained, often as part of estate planning.
The process requires the filing of Form 990-PF with the IRS, which needs to be done annually. A 990-PF is an extremely complex return, and intentionally so. The IRS wants to understand the tax ramifications of any and everything that happens with a private organization. It is obligatory for a private foundation to provide the guidelines of what it is doing and how it is funded.
It is possible to undertake the filing of a 990-PF on your own, but failure to ideally file the form can cost tens of millions of dollars, depending on the net worth foundation. If you are seeking to set up or maintain a private foundation, we encourage you to reach out to our attorneys.
The law firm of Ken R. Ashworth and Associates has more than 20 years of legal, tax and accounting experience, and is ideally prepared to help clients establish and maintain public foundations.
Because of the firm’s comprehensive tax knowledge, estate planning expertise, and decades of experience dealing with complex accounting and taxes, we have literally saved clients tens of millions of dollars by ideally forming and filing taxes for public foundations.
We take a personal approach, working closely with every client. Because of this approach, we are able to anticipate and understand even the most subtle, complicated and nuanced concerns and possible issues. Once we understand our clients’ goals, we can take action that results in ideal long-term operational and financial success.
Other law firms have specific competencies in any one of the aforementioned areas. We, however, bring a comprehensive understanding of law, financial planning, taxes and accounting to provide a premier level of service and expertise to our clients throughout Nevada.
While the goals of a public foundation differ from those of a private foundation, the complexity of the undertaking is frequently just as daunting. The purpose of a public foundation is usually to set up a philanthropic foundation that is significantly funded through contributions from the community. Depending on the goals of the foundation, it can also be used as an estate planning tool, as some funds can be kept with a family. The foundation may also be used for tax benefits.
Upon establishing a public foundation, it is necessary to draft up a concise mission statement for the IRS, an endeavor that usually takes nine months to a year. The process also mandates the annual filing of IRS Form 990. A 990-PF is an intensely and intentionally complicated return. It is the IRS’ intent to understand the tax ramifications of any and everything that happens with a public organization. It is mandated that a public foundation provide the guidelines of what it is doing and how it is funded.
It is possible to undertake the filing of a 990 without aid, but failure to ideally file the form can cost a public foundation millions of dollars. If you are seeking to set up or maintain a public foundation, we urge you to reach out to our attorneys.
Contact one of our Las Vegas foundation lawyers today at 702-893-9500 or via email to schedule a free initial consultation to discuss your legal needs.