Ligon Business & Estate Law, led by George Ligon, Attorney at Law, guides families and philanthropists through compliant, tax-smart foundation strategies.
Private foundations allow donors to create long-term, purpose-driven giving, yet they come with strict rules. Formation, governance, and IRS oversight (think 1023, 990-PF, payout rates, and self-dealing) all matter. In McConnells, SC, Ligon Business & Estate Law serves as a trusted advisor for designing, setting up, and maintaining private foundations so generosity makes the impact intended.
About Ligon Business & Estate Law
Local experience, rigorous compliance, practical counsel.
George Ligon brings years of practice, bar memberships, and focused training to every matter, blending estate planning, tax strategy, and nonprofit guidance. The firm regularly coordinates with CPAs, investment advisors, and family offices to align legal structure with financial strategy. Clients receive clear engagement letters, transparent fees, and documented workflows—an organized path that keeps projects moving and decisions well-informed.
Why Choose George Ligon for Private Foundations
Strategy first, paperwork second.
- Tailored Planning: The firm clarifies mission, charitable objects, and grantmaking policies so every decision supports the foundation’s purpose.
- Tax & Compliance Insight: Excise tax, self-dealing limits, jeopardizing investments, and the minimum distribution rules are explained in plain English.
- Board Governance: Bylaws, conflict-of-interest policies, and minutes templates help trustees operate confidently and consistently.
- Ongoing Support: A filings calendar covers Form 1023/1023-EZ guidance, 990-PF preparation, audits, and annual updates.
- Risk Management: Procedures and checklists reduce penalty exposure, protect donor intent, and support clean audits.
Services for Private Foundations
From first idea to first grant.
- Entity Selection & Formation: SC nonprofit corporation or trust, tailored to control, succession, and administrative needs.
- IRS Recognition & Registration: Exemption applications and charitable registration where required.
- Funding Plans & Gift Documents: Cash, securities, closely held interests, and acceptance policies to match the investment strategy.
- Grantmaking Protocols: Due-diligence checklists, grant letters, reporting expectations, and recordkeeping systems.
- Annual Compliance: 990-PF preparation, payout calculations, investment policy coordination, and governance reviews.
- Change Management: Restructuring, spend-downs, and conversions to donor-advised funds (DAFs) when objectives or resources shift.
Benefits of Sound Foundation Counsel
Clarity, compliance, and long-term impact.
Working with experienced counsel protects donor intent and promotes family harmony. It minimizes penalties and administrative headaches, improves tax efficiency and payout planning, and strengthens governance for a strong public reputation. Most importantly, it helps the foundation deliver measurable, mission-aligned impact year after year.
FAQs
Straight answers for smart decisions.
How long does formation take in South Carolina? Timelines vary by structure and IRS processing, but planning, formation, and exemption recognition typically span several weeks to a few months.
Do I need a board, and who should serve? Yes—trusted individuals with relevant skills, independence, and a commitment to the mission are ideal. Policies help manage conflicts and duties.
What is the 5% payout rule for private foundations? Most private foundations must distribute roughly 5% of average investment assets annually for charitable purposes.
How is self-dealing avoided? By prohibiting certain transactions with disqualified persons, documenting approvals, and using counsel to vet gray areas.
When is a donor-advised fund better than a private foundation? When simplicity, lower costs, and immediate administrative ease matter more than control and bespoke grantmaking rules.
Ready to Launch or Restructure a Private Foundation in McConnells?
Schedule a consult with Ligon Business & Estate Law to align mission, tax strategy, and compliance. Call or request an appointment online to start building a lasting legacy.
