important reasons, gifting assets to family members and other
beneficiaries in 2010 could be a very good idea.
in tax rates.
The federal gift
tax rate currently is 35%. In 2011, the federal estate tax exemption will
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...
By Genevieve M. Moore,
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
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...
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...
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...
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
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
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...
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...
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...
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...
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...
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),...