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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

Non-Profit Revitalization Act of 2013: New York Law Would Reform Governance Rules for Nonprofits

In late June, the New York state legislature passed legislation designed to reform the statutory requirements for governance of nonprofit organizations – both not-for-profit corporations and wholly charitable trusts. It also...more

Nonprofit Revitalization Act and Executive Compensation Reform Act of 2013

New York Attorney General Eric Schneiderman is urging the state legislature to enact two bills that would reform the statutory requirements for governance of nonprofit organizations – both not-for-profit corporations and...more

Why the Classic Legal Terminology of the Anglo-American Trust is in French, Not English: The “Law French” Phenomenon

The institution of the trust, a creature of the English Court of Equity, evolved deep in the bosom of the Anglo-American legal tradition. France, a civil jurisdiction, lacks a legal institution that is truly comparable. Her...more

Consider a Private Foundation to Fulfill Your Philanthropic Goals

There are a variety of vehicles through which individuals and families can promote their charitable giving goals, and private foundations are often a leading choice. Simply stated, a private foundation is a type of charitable...more

Charitable Giving: Better Late than Never

The American Taxpayer Relief Act of 2012 (the “Act”), signed into law by President Obama on January 2, 2013, extends favorable tax treatment for qualified charitable distributions made from IRAs (”Individual Retirement...more

Preparing for the 3.8% Medicare Surtax on Net Investment Income

The Patient Protection and Affordable Care Act of 2010 (Affordable Care Act) institutes a new 3.8 percent Medicare surtax on net investment income effective January 1, 2013. In addition, absent congressional action to extend...more

Anonymous Charitable Giving

Clients often ask how they can make their philanthropic gifts anonymously. There are several reasons they cite for this practice: (a) their gifts may be published in the charity’s website, publications or annual reports,...more

Contributions to Section 501(c)(4) Organizations and the Gift Tax

Tax-exempt section 501(c)(4) organizations are defined by the Internal Revenue Code as “social welfare organizations.” Treas. Reg. section 1.501(c)(4)-1(a)(2) provides that the organization must be “primarily engaged in...more

Mesa Bankruptcy Attorney: DuPont Living Trust

I am Clint Smith. I do wills and estate planning and mainly trusts for people here in Maricopa County Arizona. But there is an issue in the news lately that I thought might be of interest to us here in Arizona and that is, as...more

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