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Some Answered Questions - Trust vs Foundation

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Wednesday, April 13, 2011

Some Answered Questions - Trust vs Foundation

Ray and I just got back from a long visit with our “coordinator.”  He’s the puppet master.  He is the guy who puts all the pieces of the puzzle together…. Our life insurance, our lawyer connections… all the parts that will take care of Alexander if we are not here to do it.  Let’s just make it clear that none of you are in our will (sorry followers) but we will continue to have a great relationship with our kids. Ha ha! There were a million questions I needed answered because of the outpouring of love and support we have received, and the first question involved a tax ID number.  I’ve gotten many e-mails asking about this for business/matching purposes.  Here is the deal:

A Foundation is a non-profit organization that is set up for a purpose – usually a “cause.”  We currently support many foundations – like The Drew Michael Taylor Foundation or Make a Wish Foundation.  They raise money for a cause and this money is not taxable because it is a non-profit.  We are not creating a foundation because we are not supporting a “cause”…. We are supporting a person.

We have a Trust. Essentially we are creating a 4th child.  Our 4th child will be the “Mowery Family Trust” and have a social security number… but is not non-profit.  Our 4th child will support our 3rd child.  The Trust is designed to support Alexander after Ray and I have passed.  However, the Trust has been established now (not upon our deaths) so that people can help with Alexander’s special needs if one arises.  *For example…. The need for a seizure dog*   There may also be equipment or special things our insurance doesn’t cover that could benefit Alexander.   Alexander’s development is so slow – we believe it will be beneficial for us to have a trust to save for a rainy day instead of buying a gift just to say we bought a gift. 

So – the point of this is.. when you donate anything – funds, services, etc. – you are donating to “Alexander.”  You are not donating to a foundation or a charity. Alexander’s trust will have to file taxes and claim interest on any income – just as a person does.  So it is not tax deductible. 

However, it is greatly appreciated.  Your support, through love, prayer, donation, comments, ANY SUPPORT – is appreciated.

I hope this helps to clear up some of the questions.  I think our next big event is going to be a silent auction as I have had many generous friends offer goods or services.  If you have something that you would awesomely like to share – contact me.  We can auction off a good or service (even if you live in another state – we can use this blog and Facebook to do tons of promotions and exposure for your AWESOMENES.  Hopefully – Both your business or creativity and Alexander will benefit from he silent auction!

Here’s a sneak preview of some things you might have a chance to win by auction!

This photographer is from NY

But you knew I had to pick the picture with twins.... right?
Other friends - I'm going to be calling you ©
Something you want to offer?  Comment below or Contact us!

3 Comments:

At April 13, 2011 at 9:42 PM , Blogger Leslie said...

Kristen, I am the store manager at the Chambersburg Bath and Body Works, I would love to donate some gift baskets to your silent auction to help Alexander. You can call me at the store anytime, if I'm not there leave a message and I will call you back. Our number is 717-261-1923.

 
At April 13, 2011 at 9:44 PM , Blogger Kristen said...

Leslie - that would be AWESOME!!!!!

 
At April 13, 2011 at 11:22 PM , Blogger GingerGirl said...

On a personal note, one thing that the firm I work for recommends for parents of special needs children is that the parents create a Life Care Notebook. Basically, you put in it all of the things that you, as his parents know about him that no one else does: detailed info on his condition, his preferences, his medical needs, his doctors info., his daily routines, etc., that only you know. Too often it is all just in your head and if (heaven forbid) anything were to happen to you, this would allow you to pass that knowledge on to whomever will step into your shoes and take care of Alexander. It is one of those things that no one WANTS to think about, but which NEEDS to be discussed. I am glad that you found someone to help you with his SNT.

I have posted links to this, and I am SURE that you will get many replies to help you continue the awesome work you are doing for your son.

 

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