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Why Are Nonprofits Experiencing An Insurance Crisis? And What Can the Nonprofit Sector Do About it?

Blue Avocado

Lower liability insurance limits First, the community-based nonprofit sector generally must carry lower limits of liability insurance. Most insurance companies have reinsurance in order to protect their solvency and transfer a portion of their liability to the reinsurer. The answer is fourfold.

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Understanding Probate: A Comprehensive Guide to the Probate Process

Planned Giving

However, this essential procedure plays a critical role in ensuring that a loved one’s wishes are honored after they pass away. The church courts handled probate issues, ensuring that the deceased’s soul was cared for through proper distribution of their estate. Assets that must go through probate are known as probate assets.

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How Lessons Learned From Fighting Food Insecurity Can Help Your Nonprofit

Blue Avocado

Prior to the Good Samaritan Act, many corporations felt they could face liability for donating food, and people who salvaged it without documented donation could face prosecution. After many years of lobbying and hard work, the GSA was passed, enabling all parties to help people.

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Crafting Your Own Will: Benefits and Drawbacks for Willmakers

Planned Giving

Creating a will is a crucial step in ensuring your final wishes are respected and your loved ones are taken care of after your passing. Online platforms provide user-friendly interfaces, guiding you through each step of the process, making it accessible even for those with limited legal knowledge.

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Your Open House on Gifts of Real Estate

Center for Major Gifts

While these words, though seen frequently, are valid, rarely are they fulfilled more meaningfully than through a gift of real estate to the nonprofit you cherish most. Many parents and grandparents purchase second homes and assume their heirs will want this property after passing. This is a property you should keep.

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7 Vital Tips for Successful Estate Planning for Aging Baby Boomers

Planned Giving

Estate planning is a crucial step in ensuring that your assets and wishes are handled according to your preferences after your passing. However, for those with estates exceeding this amount, advanced planning is essential to minimize tax liabilities and ensure a smooth transfer of wealth. Life changes, and so should your estate plan.

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501c.yada, yada, yada

Sharpshooter Communications

For more detail on the most common ones, keep scrolling: Disclosure: The following comes from information from the IRS and other sites retrieved in August 2021. There are probably a million loopholes through and around these requirements. I’ve included the links. I am NOT an accountant. I am NOT an attorney.