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Reply #2: Setting up a 501(c) (3) is not that hard if your organization meets [View All]

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GumboYaYa

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Mon Dec-27-04 10:42 AM
Response to Original message

2. Setting up a 501(c) (3) is not that hard if your organization meets

Edited on Mon Dec-27-04 10:43 AM by GumboYaYa

all of the qualifications. The process involves a fairly detailed form (I forget the number) and a review period with the IRS.

Unfortunately, a 501(c)(3) may not be established to benefit a single individual. In your case another option is to establish a bank account in the person's name for contributions. Contributors would have to understand that their contributions are not tax deductible. Also, any gifts over $12,000 would be subject to gift tax.

With these types of arrangements, some people are reluctant to donate unless it is in the name of a trust established for the sole purpose of paying health and medical costs.

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