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mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]--><!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="2050"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body bgcolor="#D7D3BC" lang=EN-US link=blue vlink=purple style='tab-interval: .5in'> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div class=WordSection1> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td style='padding:0in 0in 0in 0in'> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=600 style='width:6.25in;mso-cellspacing:0in;background:white;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td style='padding:0in 0in 0in 0in'> <div align=center> <table class=MsoNormalTable border=0 cellspacing=10 cellpadding=0 width=580 style='width:435.0pt;mso-cellspacing:7.5pt;background:#FBFBF0; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; mso-no-proof:yes'><img width=255 height=170 id="_x0000_i1032" src="images/cis-logo-website_008.gif"></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> <td width=300 style='width:225.0pt;padding:0in 7.5pt 0in 0in'> <p class=MsoNormal align=right style='text-align:right;'><b><span style='font-size:15.0pt;font-family:"Georgia","serif";mso-fareast-font-family: "Times New Roman";color:#006A4B'>Trust Matters<o:p></o:p></span></b></p> <p class=sub1><em><span style='font-family:"Georgia","serif"; mso-bidi-font-family:Arial'>Trust News You Need To Know</span></em><br> <br> <span style='font-size:8.5pt'>January 2012</span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td colspan=2 style='padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; mso-no-proof:yes'><img width=560 height=21 id="_x0000_i1031" src="images/mainhr.gif" alt="Small Hr"></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes; height:729.75pt'> <td width=190 valign=top style='width:142.5pt;padding:0in 0in 0in 0in; height:729.75pt'> <h3><a name=top></a><span style='mso-fareast-font-family:"Times New Roman"'>In This Issue<o:p></o:p></span></h3> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 level1 lfo1;tab-stops:list .5in'><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://lp.swiftpage.com/LP/2T0XOSWX/Trust_Matters-January_2012/#artcl1"><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#000099;text-decoration:none;text-underline:none'>Estate Planning - Ideas for Today's Families </span></a><o:p></o:p></span></li> </ul> <p class=MsoNormal style='mso-margin-top-alt:auto; mso-margin-bottom-alt: auto; margin-left:.5in; margin-bottom: 0;'>&nbsp;</p> <p class=MsoNormal style='mso-margin-top-alt:auto; mso-margin-bottom-alt: auto; margin-left:.5in; margin-top: 0; margin-bottom: 0;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'>Each family has a complex and specific situation, and each small detail should be individually discussed and evaluated when planning for an estate...<br> </span></p> <p class=MsoNormal style='mso-margin-top-alt:auto; mso-margin-bottom-alt: auto; margin-left:.5in; margin-top: 0;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C;mso-no-proof:yes'><img border=0 width=33 height=21 id="_x0000_i1030" src="images/forward.gif" alt=Forward></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'><a href="http://lp.swiftpage.com/LP/2T0XOSWX/Trust_Matters-January_2012/#artcl1"><span style='color:red;text-decoration:none;text-underline:none'>Read More</span><span style='color:#000099;text-decoration:none;text-underline:none'><br> </span></a></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C;mso-no-proof:yes'><img border=0 width=150 height=21 id="_x0000_i1029" src="images/sidehr.gif" alt="Small Hr"></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'><o:p></o:p></span></p> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 level1 lfo1;tab-stops:list .5in'><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://lp.swiftpage.com/LP/2T0XOSWX/Trust_Matters-January_2012/#artcl2"><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#000099;text-decoration:none;text-underline:none'>Charitable Gifts: Private Foundation or Donor Advised Fund? </span></a><o:p></o:p></span></li> </ul> <p class=MsoNormal style='mso-margin-top-alt:auto; mso-margin-bottom-alt: auto; margin-left:.5in;'>&nbsp;</p> <p class=MsoNormal style='mso-margin-top-alt:auto; mso-margin-bottom-alt: auto; margin-left:.5in; margin-top: 0; margin-bottom: 0;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'>There are four primary distinctions between foundations and donor advised funds...<br> </span></p> <p class=MsoNormal style='mso-margin-top-alt:auto; mso-margin-bottom-alt: auto; margin-left:.5in; margin-top: 0; margin-bottom: 0;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C;mso-no-proof:yes'><img border=0 width=33 height=21 id="_x0000_i1028" src="images/forward.gif" alt=Forward></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'><a href="http://lp.swiftpage.com/LP/2T0XOSWX/Trust_Matters-January_2012/#artcl2"><span style='color:red;text-decoration:none;text-underline:none'>Read More</span></a><o:p></o:p></span></p> </td> <td width=18 style='width:13.5pt;padding:0in 0in 0in 0in;height:729.75pt'></td> <td valign=top style='padding:0in 0in 0in 0in;height:729.75pt'> <p class=MsoNormal style='mso-outline-level:6;'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'>Dear Clients and Friends,</span></b><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'> <o:p></o:p></span></b></p> <p class=MsoNormal style='mso-outline-level:6;'><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'><o:p></o:p></span></b></p> <p class=MsoNormal style='text-align:justify; mso-outline-level:6; margin-bottom: 0;'>&nbsp;</p> <p class=MsoNormal style='text-align:justify; mso-outline-level:6; margin-top: 0;'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>Happy New Year.</span></b><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'> <o:p></o:p></span></b></p> <p class=MsoNormal style='text-align:justify; line-height:12.0pt; mso-outline-level:6;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='text-align:justify; mso-outline-level:6;'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>Welcome to the latest edition of Trust Matters, our periodic update on noteworthy trust planning issues designed specifically for professional advisors. The content of this newsletter is provided through our association with National Advisors Trust Company. CIS is a Trust Representative Office of National Advisors Trust. <br> <br> As we begin a new year, thoughts often turn to things we would like to accomplish during the year. With that in mind, we wish to reiterate a core CIS philosophy - that planning is a process, not an event. Your financial plan should be a living document, not a one-time task. One important aspect of planning is estate planning.<span style='mso-spacerun:yes'>  </span>Often, we find that people don t update their estate plans as their situation changes.<span style='mso-spacerun:yes'>  </span>This is an excellent time of year to revisit your estate plan if you haven t done so in a number of years.</span></b><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'> <o:p></o:p></span></b></p> <p class=MsoNormal style='text-align:justify; line-height:12.0pt; mso-outline-level:6;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='text-align:justify; mso-outline-level:6;'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>In order to provoke thought with respect to estate planning, the first article in this edition of Trust Matters explores a range of estate planning techniques relevant to many families today.</span></b><b><span style='font-size:13.5pt;font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:#1C3C66'> <o:p></o:p></span></b></p> <p class=MsoNormal style='text-align:justify; line-height:12.0pt; mso-outline-level:6;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='text-align:justify; mso-outline-level:6;'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>Also, as we reflect on questions we heard last year, we found a number of people asking about charitable giving techniques that may be right for them. The second article in this edition touches on some of the key distinctions between two commonly used techniques - donor advised funds and foundations. While each situation is unique, CIS will tend to recommend donor advised funds when the amount being considered is less than $2 million.</span></b><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'> <o:p></o:p></span></b></p> <p class=MsoNormal style='text-align:justify; line-height:12.0pt; mso-outline-level:6;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='text-align:justify; mso-outline-level:6;'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>As always, we stand ready to advise our clients on strategies best suited to their specific situations, working in partnership with their other trusted advisors such as attorneys, accountants and insurance professionals.</span></b><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'> <o:p></o:p></span></b></p> <p class=MsoNormal style='text-align:justify; line-height:12.0pt; mso-outline-level:6;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='text-align:justify; mso-outline-level:6;'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>We hope you find this newsletter to be helpful.<span style='mso-spacerun:yes'>  </span>We encourage you to share this newsletter with a family member, friend, accountant, attorney or colleague.</span></b><b><span style='font-size:13.5pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:#1C3C66'> <o:p></o:p></span></b></p> <p class=MsoNormal style='text-align:justify; line-height:12.0pt; mso-outline-level:6;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#4C4C4C'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='mso-outline-level:6;'><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'>Sincerely,</span></strong><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'> </span></b><b><span style='font-size: 11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:#1C3C66'><br> <br> <strong><span style='font-family:"Arial","sans-serif"'>THOMAS N. ALVARÉ, CPA/PFS </span></strong><br> <strong><span style='font-family:"Arial","sans-serif"'>Managing Member</span></strong><br> </span></b><span class=green1><b><i><span style='font-size:11.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Comprehensive Investment Solutions</span></i></b></span><span class=green1><b><i><sup><span style='font-size:8.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>®</span></sup></i></b></span><span class=green1><b><i><span style='font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>, LLC (CIS)</span></i></b></span><b><i><span style='font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#006A4B'><br> <span class=green1>CPA Investment Solutions</span></span></i></b><span class=green1><b><i><sup><span style='font-size:8.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>®</span></sup></i></b></span><span class=green1><b><i><span style='font-size:11.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>, LLC (CPAIS)</span></i></b></span><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'> <o:p></o:p></span></b></p> </td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style="margin-top: 0; margin-bottom: 0;"><span style='mso-fareast-font-family:"Times New Roman"; display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal style='text-align:justify'><span style='mso-fareast-font-family: "Times New Roman";mso-no-proof:yes'><img border=0 width=560 height=21 id="_x0000_i1027" src="images/mainhr.gif" alt="Small Hr"></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal style='margin:7.5pt; text-align:justify; mso-outline-level: 3;'><a name=artcl1></a><b><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#1C3C66'>Estate Planning - Ideas for Today's Families</span></b><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'> <o:p></o:p></span></b></p> <p class=greetings1><o:p>&nbsp;</o:p></p> <p style="margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Each family has a complex and specific situation, and each small detail should be individually discussed and evaluated when planning for an estate, according to Private Wealth. Advisors should be experienced in multiple trust options, and know which option or options is best fit for those trying to protect themselves for the future.</span><span style='mso-fareast-font-family:"Times New Roman"'> <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> There are many family-focused nuances in estate planning and estate planning attorneys can go a long way in painting a clearer picture regarding what is best for a family's situation. Some examples relevant to today s family situations follow. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> Attorneys may want to inform their clients who are married about the Qualified Terminable Interest Property trust, the article noted. These can work best when splitting assets between spouses and children in both first and second marriages. One of the best situations where this works out is when a person wants to ensure that, if their spouse dies, their assets will go to his or her children from their first previous marriage. In addition, it can work well for those couples who do not have children from earlier relationships. If a person becomes widowed, these trusts can be extremely useful. The funds can become protected, so that if the person remarries the funds are untouchable to the new spouse. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> There is one trick to the traditional QTIP trust, the source said. In order to dismiss state taxes, the fund has to have an annual dispersal of income to the person. However, this only needs to occur until the surviving spouse passes. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> A variation of the aforementioned trust, the lifetime QTIP, allows for a more affluent spouse to take advantage of the full estate tax exemption following their partner's passing, the article said. Federal statutes allow for as much as $3.5 million to be given to beneficiaries (not a spouse) without being taxed. When funds are transferred into a lifetime QTIP, the estate tax exemption is covered and will allow for the full amount to be withdrawn when the spouse dies, according to the source. Even if the beneficiary dies before the spouse, the money can still accrue interest in the account without taxing. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> Multi-Generational trusts also can be quite useful the article noted, because of their ability to move funds from generation to generation more easily than most. The plan is the best option for smaller estates because the mass transfer of assets from the first generation to the second generation occurs in bulk. Estate taxes are typically applied to this type of trust, so those with assets valued over the exemption threshold who plan to transfer them to family members may not benefit from using this type of trust. Beneficiaries can also be a co-trustee in another setup, according to the article. This allows him or her to have a say in how the trust is constructed. While they should not make specific monetary decisions due to tax exemption rules, the beneficiary can be considered subject to what is called an &quot;ascertainable standard.&quot; This gives the beneficiary a say on distributions regarding multiple fronts such as health, maintenance or education. Though, by doing this, it could rid the co-trustee of some of the protections that are allowed in the multi-generational setup. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> One item that could be very useful to inform clients of is the ability to have a 'floating spouse' rule in a trust, the source reported. This allows a spouse to be different later on than when the trust is created. The meaning of the rule is for allowing a spouse to be a beneficiary for a trust if she is both wed to, and residing with the trustee. Once a divorce occurs, that person would be removed from having anything to do with the trust. This provision is important if a person has an irrevocable trust and, as changing the trust is not typically possible. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> Finally, having a trust which includes remove and replace powers may also be useful to many people, the article added. This is good for multi-generational trusts, as the assets are typically not distributed, but held on to. Holding the assets could be helpful, but if the trustee and beneficiary have a disagreement, this can help act as a resolution. It would allow the beneficiary to have the ability to kick the trustee out and replace him or her with a corporate or individual entity to act in the ousted trustee's place. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> There are a variety of ways families can prepare for the future. Estate planning is one very important element and it requires expert advice due to the many family-focused nuances in estate planning. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style='text-align:justify; line-height:12.0pt; margin-top: 0; margin-bottom: 0;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:#4C4C4C'><br> <a href="http://lp.swiftpage.com/LP/2T0XOSWX/Trust_Matters-January_2012/#top"><span style='color:#000099'>back to top </span></a><o:p></o:p></span></p> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <div class=MsoNormal align=center style='text-align:center'><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'> <hr size=2 width="100%" align=center> </span></div> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style='margin:7.5pt; text-align:justify; mso-outline-level: 3; margin-top: 0;'><a name=artcl2></a><b><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#1C3C66'>Charitable Gifts: Private Foundation or Donor Advised Fund?</span></b><b><span style='font-size:13.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#1C3C66'> <o:p></o:p></span></b></p> <p class=greetings1><o:p>&nbsp;</o:p></p> <p style="margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>There are four primary distinctions between foundations and donor advised funds. They are: control, cost, taxes and deductions and privacy. Each consideration is briefly explored below. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> <strong><span style='font-family:"Arial","sans-serif"'>Control</span></strong>: Having a say over where your money goes and how it is distributed is important to many people. A private foundation gives more control than a donor-advised fund. The donor decides which charities to support; how, where and with whom foundation assets are invested; whether to have others share in foundation governance; and who those board members are. In addition to supporting U.S. public charities, private foundations can make international grants, set up scholarships, make grants directly to individuals for emergency relief and hardship assistance and provide loans that are repaid to the foundation. A private foundation can even conduct its own charitable activities. With a donor advised fund, the donor is technically only making recommendations to a firm managing and distributing the money. Practically speaking, however, a donor s suggestions are usually not ignored. But one important thing you cannot do with a fund is make a binding pledge agreement because legally you are not in control of the fund. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> <strong><span style='font-family:"Arial","sans-serif"'>Cost</span></strong>: With a donor advised fund, typically the only expense in addition to the investment fees is the  handling fee imposed by the institution. These fees vary by institution, but the maximum fee imposed by Fidelity on its Gift Fund is .6% or $100, whichever is greater. Private foundations incur annual expenses to prepare and file a tax return and often need professional advice as to compliance issues and someone must keep good records. A foundation also has taxes as outlined below. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> <strong><span style='font-family:"Arial","sans-serif"'>Deductions</span></strong>: To claim a charitable, gift or estate tax deduction for any contribution, donors must obtain a contemporaneous written acknowledgement from the sponsoring organization. A charitable deduction is allowed for the full market value of contributed assets to an operating foundation or pass through foundation. Generally, for a non-operating foundation, the charitable deduction is allowed up to an amount equal to thirty percent of the donor s adjusted gross income unless gifts of appreciated property are made. A contribution to a donor-advised fund is deductible as an outright gift to charity. Cash contributions are deductible up to fifty percent of the donor s adjusted gross income, a contribution of appreciated long-term-held publicly traded securities is deductible at full value up to thirty percent of AGI and short-term-held securities are valued at the lower of cost or fair market value. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> <strong><span style='font-family:"Arial","sans-serif"'>Taxes</span></strong>: There is a two percent excise tax on private foundation investment income. This tax is imposed on the aggregate of dividends, rents, royalties and capital gains. The need to track the capital gains and losses, dividends and interest requires good record keeping and the filing of an annual income tax return. A Donor Advised Fund does not have the annual tax on investment income, minimum annual payout requirements, limits on business holdings and other restrictions that apply to a private foundation and the organization rather than the individual donors tracks and reports income. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style='text-align:justify; margin-bottom: 0;'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'><br> <strong><span style='font-family:"Arial","sans-serif"'>Privacy</span></strong>: Much information about a foundation s finances <span class=GramE>are</span> readily available on the Internet. This includes the 990 which contains the identity of donors (and the amount donated), board members and how much and to whom money was distributed. A simple solution for those setting up a private foundation is to avoid naming it after <span class=GramE>themselves</span> and then have all inquiries sent to a lawyer or adviser. Even better, with a donor advised fund, most of this information is not readily available. <o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal style="margin-bottom: 0"><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'><br> <a href="http://lp.swiftpage.com/LP/2T0XOSWX/Trust_Matters-January_2012/#top? Matters-January Inetpub?Swiftpage1?investmentsolution.netlz?&amp; code=" target="_top" edittemplate="e_Trust&quot;" 71778721202022& blue?="">back to top </a><br> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black;mso-no-proof: yes'><img border=0 width=560 height=21 id="_x0000_i1026" src="images/mainhr.gif" alt="Large Hr"></span><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </div> </td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes;height:60.0pt'> <td style='padding:0in 0in 0in 0in;height:60.0pt'> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal align=center style='text-align:center; margin-bottom: 0;'><span class=compline1><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Comprehensive Investment Solutions<sup>®</sup> , LLC </span></span><b><i><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:#006A4B'><br> <span class=compline1><span style='mso-ansi-font-size:10.0pt;mso-bidi-font-size: 10.0pt'>CPA Investment Solutions<sup>®</sup></span></span></span></i></b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#333333'> </span><span class=compline1><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>, LLC</span></span><span style='font-size:10.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:#333333'> <br> 1002 Floral Vale Boulevard Yardley, PA 19067 <br> (215) 497-5050 <br> <a href="http://www.investsolutions.com/" target="_blank"><b><span style='color:#000099'>http://www.investsolutions.com/</span></b><b><span style='font-size:10.5pt;color:#000099'> </span></b></a><o:p></o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <div> <p class=MsoNormal align=center style='text-align:center; margin-bottom: 0;'><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#333333'><o:p>&nbsp;</o:p></span></p> </div> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal align=center style='text-align:center; margin-top: 0;'><span style='font-size:7.5pt;mso-fareast-font-family:"Times New Roman"; color:#333333'>*Articles are for general information and not intended as investment advice. Source information from National Advisors Trust Company, FSB and Comprehensive Investment Solutions, LLC</span><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#333333'> <o:p></o:p></span></p> </td> </tr> </table> </div> </td> </tr> </table> </div> </td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0;">&nbsp;</p> <p class=MsoNormal style="margin-top: 0; margin-bottom: 0;"><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>