Once I get to where I'm making money, I will probably set up a Family Charitable Foundation. I attended a couple webinars on this, so I guess that makes me an expert....
Anyway, it works like this.
1. Set up the foundation. (Get lawyers to file the right forms with the gummint.)
2. All funds that you deposit into the foundation are tax-deductable charitable contributions.
3. The foundation is never taxed. The money grows tax free forever.
4. The foundation cannot be sued.
5. You control the money, and can pretty much do anything with it except donate to politics (I'm sure that breaks your heart).
6. Also, everything you put in there is no longer in your estate, so no death tax.
7. There are people who specialize in writing proposals so that you can get government grants. You may have to change your mission statement a little. Yeah, they'll toss another couple hundred K in there from time to time.
Once I get a couple mil in there, I think it would benefit society to have a large game preserve, with a nice lodge on it for the caretaker (me) to live in, vehicles provided, of course, and the caretaker would also be paid a few hundred bucks a week stipend to cover misc. expenses not otherwise paid for by the foundation. The mandatory family meetings could be held on a cruise ship, or in the Bahamas, whatever. The deer herd management would be up to me also, of course. And, I could invite the scouts out a couple times a year to camp out, that'd be a good charitable activity.
Get the idea? Look into it.
Anyway, it works like this.
1. Set up the foundation. (Get lawyers to file the right forms with the gummint.)
2. All funds that you deposit into the foundation are tax-deductable charitable contributions.
3. The foundation is never taxed. The money grows tax free forever.
4. The foundation cannot be sued.
5. You control the money, and can pretty much do anything with it except donate to politics (I'm sure that breaks your heart).
6. Also, everything you put in there is no longer in your estate, so no death tax.
7. There are people who specialize in writing proposals so that you can get government grants. You may have to change your mission statement a little. Yeah, they'll toss another couple hundred K in there from time to time.
Once I get a couple mil in there, I think it would benefit society to have a large game preserve, with a nice lodge on it for the caretaker (me) to live in, vehicles provided, of course, and the caretaker would also be paid a few hundred bucks a week stipend to cover misc. expenses not otherwise paid for by the foundation. The mandatory family meetings could be held on a cruise ship, or in the Bahamas, whatever. The deer herd management would be up to me also, of course. And, I could invite the scouts out a couple times a year to camp out, that'd be a good charitable activity.
Get the idea? Look into it.
