By Sonja K. Johnson , Esq., Morrison &
family foundations have long been a popular vehicle for high net worth
individuals to take advantage of valuable tax planning opportunities while
maintaining ongoing involvement with the foundation's charitable giving activities. This...
By Wendy M. Greenberg, Esq. of Morrison
& Foerster LLP
Thanks to the eleventh hour
passing of the 2010 Tax Relief Act (the "Act") and the temporary opportunities
provided by the Act, our firm's Trusts and Estates group, like many others, completed
a flurry of wealth transfer during...
Gifts from a dependent adult to a care custodian have
long been prohibited or restricted under the California Probate Code. New law,
effective for instruments that become irrevocable after January 1, 2011,
excludes from the definition of care custodian persons who provide care out of
friendship if there...
planning is an important factor in a family estate plan. In this Analysis, Harvey
Frutkin discusses gift taxes and transfers in general, exclusions, exemptions,
and deductions for family gifts, and the economics of family gifts. He writes:
Economics of Family Gifts
significance of a...
By Sonja K.
Johnson, Esq ., Morrison & Foerster LLP
Fluctuations in today's economic climate necessitate that
individuals and their estate planning professionals consider the possibility of
abatement (i.e., reduction of gifts due to insufficient estate assets) when
designing a testamentary...
By Adam J. Gottlieb
If a person has any desire to make
any gifts at all, now may be the best time to make those gifts. I wrote a blog entry here more than a year
ago which described certain gifting techniques and the reasoning therefor. I now revisit that concept now to update the
By Wendy M. Greenberg, Esq. , Morrison & Foerster LLP
It is not at all uncommon for our clients to make provisions for long-time
employees in their wills or trusts. Most
of the time, we don't think twice about these bequests, because we know that
our clients think of the beneficiaries as friends...
By J. Corey Reeder
planning lawyers discuss gifting as an estate planning strategy with
clients, there are a few very important components to this discussion
that must be reviewed in order to most effectively leverage gifting as
an estate planning strategy. Pursuant to the Tax Relief...
David R. Schoenhaar, Esq.*
2011 is coming
to a close and the generous tax laws that went into effect on January 1, 2011
reunifying the estate, gift and GST exemption amounts to $5,000,000 are creating
renewed interests in lifetime gifting.
As discussed in
a previous Blog, the sweeping legislation...
By Adam J. Gottlieb
There are many positives of the information and
technological advances that private citizens have enjoyed over the past several
decades. For example, we can now access information at break-neck speed on our
handheld phones. We can watch a movie on a very small electronic device...
by Cleveland.com/The Plain Dealer , Kent State alumnus, Jason
Cope, recently withdrew his $1 million gift to Kent State University after the
student newspaper brought to light Cope's investigation by the SEC.
Kentwire.com reported that Cope was associated with a
financial firm that...
By Danielle T. Zaragoza ,
Esq., Morrison &
Not all charitable gifts are created equal, and a charity is
not required to accept any and all donations of property, especially property
that may be difficult to own or liquidate in furtherance of the charity's
purpose. For instance...
How does one gift an 1,100 pound
sculpture? The New York Court of Appeals
recently revisited the law of gifts in the context of determining the validity
of such a gift by the deceased sculptor's widow. Mirvish v. Mott , 18 N.Y.3d 510, 2012 N.Y. LEXIS 266 (2012) [ enhanced version available to lexis...
BY: FARHAD AGHDAMI
2012 may present the single greatest opportunity for wealth transfer planning in recent memory. A $5.12 million gift tax exemption, combined with low interest rates and historically low valuations for many asset classes, creates an ideal environment for wealth transfer planning....
By Genevieve M. Moore & Richard S. Kinyon , Morrison & Foerster LLP
As reported in
this space over the last several months, there has been unprecedented upheaval
in the federal transfer tax world in the last few years. One element of this was the unexpected
increase in the federal gift and...
Yesterday [May 8th] I blogged about North Carolina's controversial Amendment One, which ended up passing by a large margin. I also have some thoughts about another matter in the headlines - the John Edwards trial. I have not been following the case closely, but I do know that central to the case...
By David M. Watts, Jr.
If you are charitably inclined, there are tax-advantaged ways to make a gift to a favorite charity while enjoying the income from that gift for your lifetime. Many educational and charitable organizations offer plans that combine the benefits of an immediate income tax deduction...
As 2013 approaches, there will be a flurry of activity by wealthy individuals seeking to take advantage of a gift tax exemption of $5,120,000, that will decrease to only $1 million in 2013. Taxpayers often gift closely held business interests or real estate. The gift value of this type of non-marketable...
Last month California officials revealed that the state Department of Parks and Recreation had stashed away $54 million it had not reported to the state Department of Finance. The news came as quite a surprise, especially to the groups that had generously donated to keep state parks open that the department...
By Jean C. Hemphill and Christopher A. Jones
The IRS has published welcome, long-awaited guidance regarding the deductibility of contributions made to a single-member limited liability company (LLC) owned by a charitable organization.
For a variety of reasons, tax-exempt charitable organizations...
By Danielle T. Zaragoza,
Esq ., Morrison &
relatively large federal gift
tax applicable exclusion amount
available for taxable gifts in 2011 and 2012, many clients have made or are
considering making significant gifts before the end of this year. For a client who wants...
By Mary Howley Esq.
Although gifts are generally excluded from income, gifts from employers are generally included in income subject to certain exceptions. Payments labeled as compensation may be determined to be dividends, while payments labeled as a loan or payment for property may be determined...
By: David R. Schoenhaar, Esq.*
If you are currently planning for clients to use the
historically high gift tax exemption amount before the end of the year, you are
becoming acutely aware that time is running out. Whether it is the appraisal
companies refusing to take new business or the closing...
By the Family Wealth Management Group
Although the end of the year is several months away, it is time to think about taking advantage of the generous tax savings that may be available for 2012 only.
The 2010 Tax Act made significant changes to the estate, gift, and generation-skipping transfer...
The holiday season hits Americans just as the tax year is coming to an end. While most people are distracted with buying gifts for their friends and families, they could be enjoying tax deductions by making smart year-end gifts :
Choose a qualified organization. When ready to make your gifts, choose...