The impact of Sept. 11, 2001, is far-reaching and still being felt by many families today. If you or your clients are looking for ways to support those affected by the wars on terror, the Johnny Michael Spann Patriot Trusts Act created a unique option. Named for a CIA officer who was the first American to give his life for his country in the war on terrorism, the Patriot Trusts Act helps facilitate the flow of private money to the widows and orphans of American servicemen, CIA officers, FBI agents and other federal employees who have given their lives during wars on international terrorism after Sept. 11, 2001.
This is separate from Sept. 11 Victim Compensation Fund, which was established by the federal government to provide compensation to any individual (or their family) who suffered physical harm or was killed as a result of the terrorist-related aircraft crashes of Sept. 11, 2001, or the debris removal efforts that took place in the immediate aftermath of those crashes.
However, the Sept. 11 Fund doesn’t assist the families of military or government personnel who have been killed while fighting against terrorists in the wars that followed. The Johnny Michael Spann Patriot Trusts Act is unique because it not only created support for a different group of people impacted by Sept. 11, but it also created the option to have multiple funds – not just one – that supports the flow of money to these victims. Any charitable corporation, fund, foundation or trust that meets all applicable requirements under the law concerning charitable entities, and meets the requirements established in the act, is eligible to characterize itself as a Johnny Michael Spann Patriot Trust. Contributions to such a trust will be tax deductible.
Put It In Practice: If you or your clients want to create a lasting legacy of support for our military, specifically those impacted by the war or terror, consider creating or giving to a Johnny Michael Spann Patriot Trust.
© 2018 Ash Brokerage LLC.