@cofield_advisor · Carter Cofield, CPA
Saved 2026-05-26 · Posted 2026-05-25 · Status: New
📌 THIS is exactly how the wealthy use the money they have to pay to silently build more wealth! 💪🏾📈 Comment “Workshop” to connect with me and learn the EXACT ways to apply this to your own income 👇🏾
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Comments (15)
The phrase "building a nest egg” isn't entirely accurate. Once the money is transferred into the foundation, it must be used for its charitable purpose or risk losing its tax exemption. I still believe it's a better approach to donate your money directly to the charity rather than to the IRS, especially if your family is willing to work toward supporting the foundation. It's a good tax strategy, but a family foundation is not a way to build wealth. Instead, it's part of the multi-entity strategy you established once you're on the path to wealth.
Your family is a disqualified person....2. Strict Prohibition on Self-Dealing
The IRS absolutely forbids any financial transactions between the foundation and "disqualified persons" (which includes the founder, major donors, foundation managers, board members, and their family members).
😂😂😂 Please don’t get your tax advice from social media. This is illegal!! I’ve managed many foundations for clients as a wealth manager. The 5% must go to charities, not administrative costs. Family members can serve but compensation must be reasonable, no self dealing is allowed. Lastly, you absolutely cannot use the accumulated principle for your own benefit so I’m not sure what he means by “family’s” benefit. This is not legal.
Kind of like the Clinton Foundation or the Bill and Melinda Gates foundation?? lol
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How do I use the rest of the money tax free?
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Workshop. 37%? Is that where we are now?
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