This FAQ page on Bryan Cave's website is an excellent page for getting some general information about non-profit issues, the process and typical costs involved for filing fees and preparation costs. The Iowa non-profit chapter of the Iowa Code (ch. 504) can be located online. Also, the Iowa Secretary of State's office has a FAQ page about administration of non-profits in Iowa.
While Paris Hilton may not be in the soup line anytime soon, a significant portion of her inheritance has been pledged for better use than her spending sprees: charity. Grandpa Hilton recently revised his estate plan to provide 97% of his wealth would go to charity. Barron Hilton recently placed 97% of his wealth into a charitable trust to eventually pass to the Conrad Hilton Foundation. The amount is estimated to be around $2.3 billion.
As a result of this estate planning, Barron Hilton dramatically reduced his tax bill. While the exact structure of his charitable trust is not known, charitable trusts typically provide an immediate income tax deduction, provide a stream of income for the remainder of ones life AND reduce your federal estate taxes at your death, while at the same time benefiting charitable interests. Doesn't that make it a win-win-win-win solution? Not a bad idea.
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