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Private Foundation Self-Dealing Rules: Estate Planning, Administration Issues and Tax Considerations

Recording of a 90-minute CLE/CPE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
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Conducted on Tuesday, December 13, 2022

Recorded event now available

or call 1-800-926-7926

This CLE/CPE webinar will provide estate planning counsel and advisers with an overview of private foundations excise tax rules and a practical guide to self-dealing rules. The panel will also discuss pitfalls to avoid, corrective measures and avoiding penalties.

Description

The increased control over distributions and enhanced income and transfer tax advantages have fueled the rise in private foundations as an estate planning vehicle. However, private foundations are subject to self-dealing rules that can significantly impact estate and tax planning strategies and must be considered to avoid costly mistakes.

There are rules against "self-dealing" with related persons which must be taken into account when structuring private foundations and related transactions. Section 4941(d) defines "self-dealing," as "any direct or indirect furnishing of goods, services or facilities between a private foundation and a disqualified person;" however, generally, if the goods, services, or facilities are provided at no charge and used exclusively for the purposes specified in IRC Section 501(c)(3), such transactions will not be considered "self-dealing."

Listen as our experienced panel provides a thorough and practical guide to the federal income tax treatment and detailed requirements for private foundations, the general principles of self-dealing and potential consequences, and their impact on estate planning and administration. The panel will also discuss structuring tax-efficient charitable legacies, pitfalls to avoid, corrective measures, and avoiding penalties.

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Outline

  1. Overview of IRS self-dealing rules for private foundations
  2. Impact of self-dealing rules on estate administration
  3. Reporting requirements, operational risks, and opportunities
  4. Minimizing self-dealings and prohibited transactions

Benefits

The panel will review these and other key issues:

  • How does the IRS define "self-dealing" with respect to private foundations?
  • How has the IRS responded to incidental and tenuous benefits received by disqualified persons?
  • How can you educate private foundations managers about monitoring and avoiding self-dealing transactions?
  • How can you structure transactions with private foundations to avoid application of the self-dealing rules?

Faculty

Bartlett, Stefania
Stefania L. Bartlett
Director
CliftonLarsonAllen

Ms. Bartlett specializes in trusts and estates, providing planning and compliance services related to fiduciary income...  |  Read More

Santoro, Cara
Cara Howe Santoro
Attorney
Holland & Knight

Ms. Santoro focuses her practice on advising businesses, nonprofit organizations, and individuals on a variety of...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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