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When interest rates are low, it’s high time for estate planning

Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to implement estate planning strategies that are most effective in a...more

How Your IRA Can Benefit Both Your Heirs and Charity

Do you want to use your IRA to help a charity, but also benefit your heirs? Instead of leaving your IRA directly to your children, you can leave it to a charitable remainder unitrust (CRUT) while still benefiting your...more

2016 Tax Update Letter

Re: 2016 Tax Update - Dear Clients and Colleagues: This letter is an update on the most recent estate and gift tax developments and serves as a follow-up to our previous annual tax updates....more

Donors and Charities Benefit Under New Tax Legislation

While most provisions of the Internal Revenue Code (“Code”) do not automatically expire, there are dozens that do. Included among the expiring provisions have been several intended to enhance charitable giving. Each has been...more

IRA Charitable Rollover Provision Becomes Permanent Law

The IRA charitable rollover provision of the Internal Revenue Code, which allows individuals age 70½ or older to transfer, tax-free, up to $100,000 per year from an IRA to one or more eligible charities, has become permanent...more

The Charitable IRA Rollover is Now Permanent!

Under the normal rules, an IRA distribution is included in the gross income of a donor, who then may claim a charitable income tax deduction if she contributes that money to charity. There has been a special rule for...more

Permanent Charitable IRA Rollover

Congress recently made permanent the IRA charitable rollover. Individuals over age 70½ can make lifetime gifts, up to $100,000 per year, to qualified public charities from their individual retirement accounts (IRAs). To...more

Pooled Special Needs Trust Accused Of Overspending on Legal Fees

An Indiana-based pooled special needs trust has been accused of passing along some $2.4 million in legal fees to the trust beneficiaries without explaining what the fees were actually used for. A pooled special needs...more

Wealth Management Update - December 2015

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

End of the Line – Part II: Year End Tax Planning Strategies

This article is Part II in a series of tax planning strategies for year-end tax planning for the 2015 tax series. The article addresses the Pooled Income Fund (PIF) which as this article demonstrates, has surprising planning...more

The End of the Line – Part I: Year End Tax Planning Strategies

This article is designed to provide an overview of a technique that might allow taxpayers to accomplish significant income tax savings at the end of the 2015 tax year. This planning can be accomplished regardless of whether...more

A trust is not an agency

The trustee is not an agent of the beneficiary. The trustee's duty not to delegate the administration of the trust could well be implicated if the trustee without authority were to behave as if he were the beneficiary's...more

Wealth Management Update - April 2015

Obama Administration Announces Revenue Proposals - The Obama Administration has recently announced its Fiscal Year 2016 Revenue Proposals in its annual "Greenbook." The Greenbook sets forth the Administration's proposals...more

Tax Policy Update

NUMBER OF THE WEEK: $1.4 Trillion. The estimated total of individual income taxes the Internal Revenue Service is expecting to collect on April 15. The U.S. House of Representatives has returned from recess and is planning to...more

Does the trustee who socially invests entrusted funds breach his/her/its fiduciary duty of undivided loyalty, absent express...

On February 8, 2015, The University of California Student Association [which purports to represent all 240,000 students enrolled in the UC system’s 10 campuses] passed [9-1-5] the following resolution, which, in part, calls...more

Maximize Your Charitable Gift With Your IRA

Valentine’s Day is a great time to count your blessings and make good on your charitable intentions. Why not provide for your loved ones while also providing for a charity that is near and dear to your heart? Clients with an...more

California Enacts Bill to Combat Noncompliant Charities

The California State Legislature recently passed Assembly Bill 2077 (“AB 2077”). AB 2077, which was signed by Governor Brown, is designed to make it more difficult for charities that have not complied with their registration...more

Neither the non-charitable corporation, itself, nor its directors hold the corporate assets in trust, absent special facts.

A charitable corporation is more a trust than a corporation, a topic that is taken up in an earlier posting on this site. See http://www.jdsupra.com/legalnews/the-charitable-corporation-a-trust-in-d-90654/. In the case of a...more

Charitable Planning with S Corporation Stock—Making It Work

Since 1998, charities have been able to own S corporation stock (“S stock”). However, the ownership of S stock by an exempt organization may result in either an unexpected tax burden or a liability rather than an asset for...more

Wealth Management Update - August 2014

August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Could it be that the Uniform Trust Code would effectively immunize the trustee of a revocable inter vivos trust from liability for...

Section 603 of the Uniform Trust Code provides that while a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries, such as the equitable remaindermen, are subject to the control of,...more

Standing to Seek Enforcement of Charitable Trusts

“It is the duty of the king, as parens patriae, to protect property devoted to charitable use; and that duty is executed by the officer who represents the crown for all forensic purposes.” Jackson v. Phillips, 96 Mass. (14...more

The charitable corporation: A trust in disguise?

The charitable trust can have certain practical advantages over the charitable corporation, at least in some quarters and under certain circumstances. Operational simplicity and low-cost maintenance are some of the pluses....more

‘Tis the Season – For Year-End Charitable Giving

Most people make the bulk of their charitable contributions during the year-end holiday season. This post summarizes some of the charitable giving ideas and opportunities, as well as some planning reminders, that donors may...more

The Uniform Trust Code’s stealth attack on the Trustee’s time-honored duty to defend his trust

One of the critical duties of a trustee traditionally has been to defend his trust against internal attacks. By that I mean to defend the trust against those who, in contravention of the settlor’s intentions as expressed in...more

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