Estate and Elder Law

Recent Posts

Why You Should Consider Gifting in 2010
Posted on 8 Sep 2010 by Marilyn J. Maag

For several important reasons, gifting assets to family members and other beneficiaries in 2010 could be a very good idea. Changes in tax rates. The federal gift tax rate currently is 35%. In 2011, the federal estate tax exemption will ... Read More

Tags: Gifts

McNees Wallace & Nurick LLC: Tax-Advantage Charitable Giving
Posted on 18 May 2012 by McNees Wallace & Nurick LLC

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... Read More

Year-End Charitable Giving: More Attractive Than Ever In 2010
Posted on 2 Dec 2010 by Morrison and Foerster LLP

By Genevieve M. Moore, Esq. As estate planners, we are familiar with advising clients about charitable gifts. Gifts and bequests can yield valuable income, gift and estate tax deductions to donors, and of course provide significant philanthropic benefits... Read More

The John Edwards Case - What About Gift Taxes?
Posted on 14 May 2012 by Gregory Herman-Giddens

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... Read More

Morrison & Foerster LLP: Planning and Administration in a Volatile Economy: Dealing with Abatement
Posted on 26 Sep 2011 by Morrison and Foerster LLP

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... Read More

Tags: abatement , Gifts

Morrison & Foerster LLP: Charities, S Corporations and UBIT: Why a Charitable Gift of S Corporation Stock May Not Be the Best Option
Posted on 28 Feb 2012 by Morrison and Foerster LLP

By Danielle T. Zaragoza , Esq., Morrison & Foerster LLP 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... Read More

Power to Substitute & End of Year Planning
Posted on 4 Oct 2012 by David R. Schoenhaar

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... Read More

The Fine, Football Line between Benevolence and Ill Will: Donor Requests Return of Donations after Falling Out with University’s Athletic Director
Posted on 26 Jan 2011 by LexisNexis Estate and Elder Law Community Staff

As reported by ESPN and the Chronicle of Higher Education , University of Connecticut donor, Robert G. Burton, has requested that the University return $3-million in donations. According to the reports, Mr. Burton's request was motivated by disagreements... Read More

Properly Reporting Gifts
Posted on 8 Jun 2012 by John Dedon

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... Read More

Transferring Family Homes: Family Limited Partnerships, LLCs, and Trusts
Posted on 10 Aug 2010 by Nancy G. Henderson

An alternative to gifting direct interests in a family home to children or other family members is to transfer the property to a family limited partnership (FLP) or a limited liability company (LLC) and to make gifts of interests in the partnership or... Read More

The John Edwards Case - What About Gift Taxes?
Posted on 14 May 2012 by Gregory Herman-Giddens

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... Read More

No Good Deed Goes Unpunished: Kent State Alumnus Withdraws Gift after Student Newspaper Raises SEC Questions
Posted on 11 Jan 2012 by LexisNexis Estate and Elder Law Community Staff

As reported 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... Read More

State Net Capitol Journal: CA State Park Donors Cry Foul
Posted on 6 Aug 2012 by State Net

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... Read More

Morrison & Foerster LLP: Making Gifts Using Defined Value Clauses: Not Necessarily Void as Against Public Policy
Posted on 3 Sep 2012 by Morrison and Foerster LLP

By Danielle T. Zaragoza, Esq ., Morrison & Foerster LLP Given the 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... Read More

Crummey Powers - A Refresher
Posted on 24 Nov 2009 by David R. Schoenhaar

Unless one is dealing with The Uniform Transfers to Minors Act or a minor's trust under Internal Revenue Code (IRC) §2503(c) , generally, in order for one to avail themselves of the gift tax annual exclusion afforded under IRC §2503(b),... Read More

Tags: Gifts