William J. Culbertson

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The Donor Advised Fund Alternative to a Family Foundation

By William J. Culbertson on Posted in Family Trust Company
There are several gifting vehicles that provide donors and their families with the opportunity to participate in their philanthropy on an ongoing basis. Frequently, families will consider creating and funding a private family foundation or, in special circumstances, an organization that supports one or more public charities. A cost-efficient option for many families is to … Continue Reading

Donors and Charities Benefit Under New Tax Legislation

Photo of Edward BeckwithBy Edward Beckwith and William J. Culbertson on Posted in Tax
While most provisions of the Internal Revenue Code (“Code”) do not automatically expire, there are dozens that do. Included among the expiring provisions have been several intended to enhance charitable giving. Each has been hostage to the late-year legislative ritual of frequent short-term extensions, which has created significant uncertainty for donors, charities, and their advisors. … Continue Reading

IRS Attempts to Simplify the Application Process for Certain 501(c)(3) Organizations, but is “EZ” Better?

Photo of Ashley ThompsonBy William J. Culbertson and Ashley Thompson on Posted in Tax
On July 1, 2014, the Internal Revenue Service (“IRS”) released Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code (“Code”). Form 1023-EZ is an abbreviated version of the twelve page Form 1023 (which can be supplemented by as many as seven schedules) and is intended to streamline the … Continue Reading

Will Camp Tax Plan Impact Charitable Giving and Tax-exempt Organizations?

By William J. Culbertson on Posted in Estate Planning, Income Tax, Tax
In late February 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) released a nearly 1,000 page discussion draft addressing tax reform.  Chairman Camp’s proposal includes changes to numerous sections of the Internal Revenue Code, including changes with respect to the taxation of individuals, capital gains and businesses.  The discussion draft also includes changes … Continue Reading

Best Practices for Charitable Organizations: New York Overhauls Nonprofit Corporation Law

Photo of Edward BeckwithBy Edward Beckwith, William J. Culbertson and Joseph Verciglio on Posted in Trust Administration
New York Governor Andrew Cuomo recently signed into law the Non-profit Revitalization Act of 2013.  The provisions of the Act are generally effective on July 1, 2014.  A copy of the Act can be found at http://open.nysenate.gov/legislation/bill/A8072-2013. The Act will require nonprofit corporations governed by the New York Not-for-Profit Corporation Law and wholly charitable trusts … Continue Reading
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