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Getting Out : Seeking Justice

Tax advice from the Family Care Foundation

from Information on FCF - Monday, January 24, 2005
accessed 1528 times

"if you need any counsel or help in praying about the best, most tax-efficient way to handle these sorts of issues, we’re here to help in any way we can"

"If you have or will receive an inheritance and would appreciate counsel on how to maximize the amount of funds available for use by your own ministry or other Family ministries or projects, and minimizing the amount you will have to pay in taxes, we have a lot of information and resources available here to help. It would be difficult for us to go into a lot of detail in this general advisory, since there are so many different types of issues that can come up: trusts, stocks, bonds, partial ownership of property or businesses, etc, etc"














Memo > From Family Care Foundation April 2000


God bless you! We love you all very much and are so thankful for everything you are doing to reach out to others with the Lord’s Love!

We recently received a question from some Family members regarding an inheritance they received. From their inheritance, they very generously shared a large portion of the funds with other Family missionaries and activities, God bless them! However, after giving those funds away late last year, this year they found out that due to the nature of the inheritance, they owed back taxes! Their question to FCF was whether we could somehow help with this dilemma, since FCF is a recognized tax-exempt organization.

As you’ll see from their question and our reply (following), we were unable to help in this situation, simply because it was after-the-fact of the gifts being made. Had we been aware of the situation BEFORE the gifts were made, we could have helped to set things up in such a way so as to avoid them having to pay those taxes.


(Excerpt from Family member)
Question: Last year my mother went to be with the Lord. At her death, a trust fund was liberated to us. Well, we gave about 60% of these funds to the Family, with our tithe and other gifts to various translation ministries, mail ministries, VS’s, etc. We also gave a gift to the other couple in our former field, as they also want to go East. Since we do not have home support, the rest of the funds we will be using for our tickets, landing funds, tuition and our home support for the next few years in China, PTL! Isn’t the Lord wonderful?
We saw the trust officer yesterday about the final closing of the trust, and to our total surprise, she gave us a paper that showed that from the funds that we already received, there are $34,007.00 of net capital gains that we need to pay income taxes on! We did not know about these taxes before, as we only briefly met the trust officer once last December when we received the bulk of the funds. We had asked her about the taxes and she had told us that they were already paid. What we did not know was that there are bank taxes and then also personal income taxes, and that we need to pay income tax on it.
We went to see a sweet CPA (accountant) from the H&R block company, and he said we would need to pay taxes of 15% on $34,007, or $5101. (We left the States in 1971 and never again lived in the States. So, this of course in the first time we need to report about income taxes.) The CPA also said that whatever contributions we had made to tax deductible organizations could come off the total that needed to be taxed, in other words, if we could come up with $34,000 in donations that we had made we wouldn’t have to pay any taxes.
Anyway, we just wanted to see if it was a feasible idea to consider trying to avoid some or all of this tax money going to the government by somehow doing some of the accounting of the donations we gave to the MM work and even the other funds that we gave as offerings to the Lit-Pics and WS, through the FCF books? We know that this might not be feasible, or be a lot of work, but we wanted to let you know of the situation and see what you thought might be able to be done. (end of excerpt from question)


(excerpt from our response)
Answer: It must have been quite a shock when the trust officer said that there were capital gains taxes owed from when the funds were still in the trust! Tax law is a very complicated matter and it seems that it’s not unusual at all for these sorts of “nasty little surprises” to come to the fore at sometimes very inopportune times. Unfortunately, because of the fact that the funds were donated last year directly to the various recipients that you gave the funds to and not via FCF, I’m afraid that we wouldn’t to be able to help with the paperwork in order for you to avoid paying those capital gains taxes. The IRS would not consider that the gifts were made to FCF – even though, as it happens, ironically many of the recipients are FCF projects! It would be illegal for us to issue paperwork that would give you credit for making a gift to FCF, when in fact you bypassed FCF and gave directly to several of our projects. Had the gift been made directly to us with instructions from you that a certain amount be given to such and such a project, etc., then last year we would have issued the receipts that your accountant is referring to, and the problem would have never occurred. The same recipients would have received the funds, but by giving directly to FCF, you would have avoided these taxes. However because of the fact that the funds have already been given and did not pass through our books or bank account we can’t go back and retroactively state that you actually donated those funds another way. As much as we would like to see these extra funds go to the Lord’s work, we can’t help at this time because of the legal limitations. (End of excerpt from answer)

In light of the fact that there are probably many more Family members who may find themselves in a somewhat similar situation in the months and years to come, we want to share this information with all, and let you know that if you need any counsel or help in praying about the best, most tax-efficient way to handle these sorts of issues, we’re here to help in any way we can. If you have or will receive an inheritance and would appreciate counsel on how to maximize the amount of funds available for use by your own ministry or other Family ministries or projects, and minimizing the amount you will have to pay in taxes, we have a lot of information and resources available here to help. It would be difficult for us to go into a lot of detail in this general advisory, since there are so many different types of issues that can come up: trusts, stocks, bonds, partial ownership of property or businesses, etc, etc. What would work in one situation might not be the very best in another. But we work with and have access to the counsel of a network of reliable professional tax and financial professionals here in the US, who can help us help you to make sure that the funds the Lord supplies via inheritances, etc, go where YOU feel He is leading, and not to having to pay unnecessary government taxes. We can likewise provide you with System brochures addressing these issues that you might find helpful to pass on to your parents or other aging relatives. (See Newsweek article at end of this advisory)

If you have any questions about this type of situation or any other related matters, please do not hesitate to contact us, regardless of whether you are presently an FCF project or not. You can reach us at:

Email: fcf@familycare.org

SnailMail:
Family Care Foundation
P.O. Box 1039
Spring Valley, CA 91979

Phone: (619) 468-3191


Much Love and prayers,

Your team at
Family Care Foundation

Reader's comments on this article

Add a new comment on this article

from SeanSwede
Tuesday, January 25, 2005 - 23:50

(Agree/Disagree?)

Its not nearly enough to compensate for my time in the sect called The Family of Love COG. But I will pull out and try to forget the past for the small sum of $1million.


(reply to this comment)

from Dr.4_Shure
Tuesday, January 25, 2005 - 21:57

(Agree/Disagree?)

F**K you!!!!!!!!! B**l S**T

That's a disgusting attitude to have shown for someone who ha embezzled millions from her "own", it's sickening to even have to read.


(reply to this comment)

from Dr.4_Shure
Tuesday, January 25, 2005 - 21:57

(Agree/Disagree?)

F**K you!!!!!!!!! B**l S**T

That's a disgusting attitude to have shown for someone who ha embezzled millions from her "own", it's sickening to even have to read.


(reply to this comment)

from frmrjoyish
Tuesday, January 25, 2005 - 17:42

(Agree/Disagree?)
Unbelieveable!! So basically this is telling more stupid family members how avoid paying taxes so they can give even more money to TF and in the next breath they are telling a particular member that, after giving up their inheritance to various pork-barrel cult projects, they are basically screwed and on their own as far as the taxes go! Because, of course, TF would never want to do anything illegal, the law abiding citizens they are!!! And the sad thing is the idiots will keep on forkin' it over till it eventually ends up in one of the cults Swiss bank accounts! Idiots! "There are none so blind........"
(reply to this comment)
from exister
Tuesday, January 25, 2005 - 13:56

(Agree/Disagree?)

Poor ignorant rubes had never heard of the inheritance tax. I hope the tax man gets them.

(Points and laughs)
(reply to this comment)

from Mama
Tuesday, January 25, 2005 - 04:51

(Agree/Disagree?)
TO FCF TEAM, FROM MAMA--3/25/00

Dear Bill, Claire, Dawn, Grant, Irene, June, Larry, Laurie, Sharon—our wonderful teammates and co-workers in our precious Husband,

I hope you don't mind if I list your names alphabetically—that way no one will be tempted to compare or worry that just because your name is last that it means you’re least.—In this case it happens to be Sharon, who is certainly very precious and needed! Each one of you is very important and valuable in His eyes and in our eyes! Praise the Lord! Peter and I couldn't do this huge job without your wonderful love and loyalty and faithfulness.
Thank you very much for your heartfelt personal reactions to the WS letter that was shared with you. Your commitment to the new moves of the spirit and to keep moving forward was very encouraging, as it is so important that our WS supported Service Homes set the right example for the other Service and regular field Homes.
Thank you also for the beautiful personal messages you received and sent us. Thank you for your willingness to change, both in the spiritual and in the physical, and for being willing and yielded to do whatever He asks of you in order to move forward with His Spirit.
Your personal words of dedication and love and loyalty to us and our wonderful Husband and His Family are very precious. We know the Lord has many good things in store for each one of you and He'll continue to use you greatly and reward your obedience and yieldedness. Your yieldedness is the key that will open the door to the greater works the Lord has promised. Peter and I are so thankful to be able to serve our precious Lover with you.
You all have been working hard and doing a faithful job of pioneering FCF and the fruits are really beginning to show and pay off for the Family in a big way. We know that the extra finances generated by the Homes through the FCF umbrella program is like rain on a cloudless day to many of them and most of these funds would not have been or continue to be realized without the program. Praise the Lord!
We here will be praying for you as you continue to seek out new methods to help the Family do a better job of reaching the world for Jesus.

Much love in our wonderful Husband,

Mama


EON
(reply to this comment)
From Jerseygirl
Tuesday, January 25, 2005, 19:06

(Agree/Disagree?)
Translation: "Keep conning the world for Jesus Kids, Amen!!??" (reply to this comment
From katrim4
Tuesday, January 25, 2005, 11:26

(Agree/Disagree?)
Was this a real memo sent? Who takes the time to explain why you're putting the names in alphabetical order? Seriously, was this a real memo written to FCF? Maria must think everyone besides herself is just plain stupid!(reply to this comment
From cassy
Wednesday, January 26, 2005, 09:13

(Agree/Disagree?)
Yes, having been to her house, I have never met anyone so obsessed with comparing and jealousy and having to have everything equal and all the same for everyone. This mirrors her attitude well.(reply to this comment
From ?
Wednesday, January 26, 2005, 09:22

(
Agree/Disagree?)
can you check your email cassy!? Want to see the info I sent arrived(reply to this comment

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