Accounts Established for Children of TRALA CEO Tom James
- By: Shannon Davison
- On: 12/23/2014 10:00:49
- In: Legislative Bulletins
Following his tragic passing, two separate accounts have been established to support his surviving children Michael and Gretchen.
Any individual gifts to each child that are less than $14,000 do not have to be taxed per IRS rules though it should be noted that they are also not tax deductible for income tax purposes. For corporations, it is TRALA's understanding that they may also support each child by contributing whatever amount they determine with a few stipulations. Any corporate contribution is not tax deductible nor is considered a charitable contribution. It is also important that the corporation does not generate a 1099 form when supporting the two accounts. This may require some companies to manually adjust their accounting or check processing procedures.
If you wish to give a corporate gift to each child, TRALA recommends that you speak to your company's accountant or accounts payable personnel to ensure the accurate rules are followed.
To make a contribution of any size, please write two individual checks - one made out to Michael James and the other made out to Gretchen James. These checks can both be sent directly to Tom James' executor and trustee for the children at the following address:
Rembert Pendleton Jackson
Attn: Newt Pendleton
7647 Leesburg Pike
Falls Church, VA 22043
All the proceeds raised will be managed by the trustee for the children and used exclusively for their future education. Any amount given is greatly appreciated.
All of us miss Tom already and are still shocked by his untimely passing but by supporting Michael and Gretchen you are helping keep alive his memory and love of his children.
If you have any questions regarding the accounts for Tom's children, please contact Tonya Gibbs at email@example.com or Jake Jacoby at firstname.lastname@example.org