You can name whomever you wish to run the foundation, including your children, and the foundation can pay them a reasonable salary.You can be very specific about which charities you want to support or you can leave that up to the trustees of the foundation, in accordance with IRS guidelines.We can tell you much more about charitable trust planning during your free initial consultation.Tax benefits of setting up your own foundation can be substantial.
Plus, the assets you give to the foundation will be removed from your taxable estate. The repeal or amendment by the provisions of this act or any law, whether temporary or permanent or civil or criminal, does not affect pending actions, rights, duties, or liabilities founded thereon, or alter, discharge, release, or extinguish any penalty, forfeiture, or liability incurred under the repealed or amended law, unless the repealed or amended provision shall so expressly provide.(C)(1) Nothing in this chapter may be construed to allow electronic gambling devices or machines of any types, slot machines, video poker or similar electronic play devices, or to change or alter in any manner the prohibitions regarding video poker or similar electronic play devices in Chapter 21, Title 12 and Chapter 19, Title 16. 11, Sections 2, 3, 4, 5, provide as follows: "Section 2. Sections 27-16-10 through 27-16-140 (2010) and in 25 U. (A) A lottery or raffle of any type whatsoever is unlawful unless it is authorized by the following: (1) Chapter 150, Title 59, the Education Lottery; (2) Article 24, Chapter 21, Title 12, Charitable Bingo; or (3) Chapter 57, Title 33, Nonprofit Raffles for Charitable Purposes.Nothing in the provisions of this act, including the allowance of persons to operate casino nights for entertainment purposes when no prizes, financial rewards, or incentives are received by players, shall alter or amend the terms of 'The Catawba Indian Claims Settlement Agreement' or 'The Catawba Indian Claims Settlement Act', as referenced in S. (B) It is the intent of the General Assembly that only qualified tax-exempt entities, which are organized and operated for charitable purposes and which dedicate raffle proceeds to charitable purposes, shall operate and conduct raffles as authorized by this chapter.The organization must operate the gaming event and is not allowed to pay a third party to manage or conduct the activity.