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The Law of Gifts Revisited

The law of gifts was set forth in the classic case of Gruen v. Gruen, 68 N.Y.2d 48, 505 N.Y.S.2d 849, 496 N.E.2d 869 (1986) , a case concerning the gifting of a painting by Gustav Klimt, the Austrian modernist. The Court reiterated in Gruen that the elements of a valid inter vivos gift are intent...

Morrison & Foerster LLP: Funding the Family Foundation: Qualified Appreciated Stock

By Joy S. MacIntyre , Morrison & Foerster LLP In an earlier post we described some of the tax benefits - and challenges - associated with donating corporate securities to a family foundation or other private foundation. On the right facts, the donor in such a case can claim a deduction equal to...