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Sunday, January 18, 2009

National Heritage Foundation (NHF) it with $6.5 million civil jury award for abusive charitable split-dollar plan

According to this News Update dated October 15, 2008, in The Chronicle of Philanthropy, a jury in Texas awarded $6.5 million against The National Heritage Foundation (NHF) for a charitable tax shelter gone astray.

The NHF allegedly talked a Texas family into establishing a charitable split-dollar plan and funding it with life insurance to benefit the family's private charitable foundation. Later, the lawsuit alleges, the NHF changed itself to the beneficiary and allowed one of the policies to lapse. The NHF claimed that it later changed the beneficiaries to a convent, and claimed that the lawsuit and award was attributable to actions of the plaintiff's other advisors.

The IRS had ruled that charitable split-dollar plans such as were involved here are abusive tax shelters.

To go to the new update please Click Here

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3 Comments:

At January 25, 2009 at 4:40 PM , Blogger eduardoalarcon said...

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At January 25, 2009 at 4:42 PM , Blogger eduardoalarcon said...

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At August 12, 2018 at 3:35 AM , Blogger Unknown said...

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