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Nonprofits Wills, Trusts, & Estate Planning

Read need-to-know updates, commentary, and analysis on Nonprofits issues written by leading professionals.

More Scrutiny of Donor Advised Funds

by Bryan Cave on

Notice 2017-73, released on December 4, 2017, describes potential approaches that may be taken to address issues raised regarding the use of donor advised funds (“DAF”). The Treasury and IRS are considering developing...more

Missing the trust issue: Litigators beware

by Charles E. Rounds, Jr. on

In 2017, South Carolina’s Supreme Court decided The Protestant Episcopal Church in the Diocese of South Carolina [the “Disassociated Diocese”] v. The Protestant Episcopal Church of the United States of America [the...more

Ropes & Gray, The Boston Foundation and Boston College Present Leading By Example Program on International Philanthropy

by Ropes & Gray LLP on

The following article is authored by Jean Whitney, a philanthropic advisor at Ropes & Gray. She works with families, charitable trusts and private foundations to implement best practices in charitable giving. Her work...more

Final Regulations on PRIs Make for Inspirational Reading for Family Foundations

It is not often that you can find inspiration within the Treasury regulations. But if you are a family foundation looking for innovative ways of pursuing your charitable mission, you will come away from reading the nineteen...more

[Webinar] Issues and Recent Developments in Art Law - October 5th, 11:00am ET

by Locke Lord LLP on

Please join Christie's and the Locke Lord LLP Art Law Group for an overview of the art market and key legal issues....more

Understanding UPMIFA: Delegation of Management and Investment of Endowment Funds

The Uniform Prudent Management of Institutional Funds Act (UPMIFA or the Act) was adopted in 2006 by the National Conference of Commissioners on Uniform State Laws, as the successor to the Uniform Management of Institutional...more

Is a donor-advised fund right for you?

Those who make sizable gifts to charitable causes can realize personal rewards from their generosity and claim a deduction on their tax returns. One drawback is that, once the money or assets are contributed, they generally...more

Impact Investing and Private Foundations

by Bryan Cave on

Bryan Cave recently organized a half-day symposium examining the opportunities and legal considerations related to responsible and impact investing strategies. The Responsible and Impact Investing Symposium, held on November...more

The Uniform Trust Decanting Act's conflicting commentary

by Charles E. Rounds, Jr. on

The texts of the myriad trust-related uniform statutes could be better coordinated and synchronized. So also could the official commentaries that accompany the myriad sections of the individual uniform statute. Take, for...more

Estate Planning NOW: Preparing for a New Government

by Lewitt Hackman on

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

Law Passed Amending NPCL

Over the summer, we posted about Bill No. A. 10365B/S. 7913, containing amendments to the New York Not-for-Profit Corporation Law (the “NPCL”) and the New York Estates, Powers and Trusts Law (the “EPTL”) here. After...more

Make Your Charity Great Again; Double-Check Your Compliance With State Registration Laws

by Partridge Snow & Hahn LLP on

Earlier this month, the New York Attorney General’s office ordered Donald Trump’s foundation to immediately stop soliciting charitable donations in the state. The attorney general also demanded that the Trump Foundation...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

by Coblentz Patch Duffy & Bass on

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

2016 New York Tax Update: Highlights and Lowlights

by Hodgson Russ LLP on

There wasn’t much in the way of substantive New York tax changes in the 2017 budget bill that Governor Andrew Cuomo signed in April. Or at least wasn’t much in the way of changes that affect the day-to-day practices of the...more

Consider Your Options for Charitable Giving - Trusts and Estates Update Volume 2016, Issue 1

by Pepper Hamilton LLP on

There are many charitable giving options that are available to fit a donor’s specific goals. You do not have to be Bill Gates or Warren Buffett to make a difference in the world now and after you are gone. Most of our...more

What Does the Chan Zuckerberg Initiative Mean for Modern Philanthropy?

In an open letter to their newborn daughter last December, Facebook CEO Mark Zuckerberg and wife Priscilla Chan announced they will eventually give 99 percent of their Facebook shares during their lives to a variety of...more

Wealth Management Update - July 2016

by Proskauer Rose LLP on

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

NPRA Redux: Proposed NPCL Amendments Approved by Senate and Assembly

The New York State Assembly and Senate have passed a bill that, if signed by the Governor, would amend the Not-for-Profit Corporation Law (the “NPCL”) and the Estates, Powers and Trusts Law (the “EPTL”) to clarify and refine...more

Wealth Management Update - June 2016

by Proskauer Rose LLP on

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

Sole interest or best interest: Equity's traditional default loyalty principle is under attack

by Charles E. Rounds, Jr. on

Some in academia have been advocating that trustees generally be held to a best-interest-of-beneficiary default standard rather than the traditional and more rigorous sole-interest-of-beneficiary default standard. See Loring...more

Post-Death Action Reduced Amount of Estate Tax Charitable Deduction

by Charles (Chuck) Rubin on

Decedent died and left a majority stake in a real property management corporation to a private foundation. The estate tax value of the stock was $14.182M. After the decedent’s death, but before the stock was transferred...more

Is there a practical difference between Equitable Deviation and Cy Pres when it comes to seeking modification under the Uniform...

by Charles E. Rounds, Jr. on

Assume an income-only charitable trust with the following administrative term: The trustee may only invest in “insured bank accounts and government securities.” Section 412(b) of the Uniform Trust Code (UTC) provides that a...more

Wealth Management Update - March 2016

by Proskauer Rose LLP on

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

Treasury Green Book Proposals — Charitable Contribution Deduction Limitations

by Bryan Cave on

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

Treasury Green Book Proposals — Private Foundations

by Bryan Cave on

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

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