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In this article from The Journal of Gift Planning, Los Angeles attorney Reynolds Cafferata explores both the harm and benefit that may arise from enforceable pledge agreements, and reviews the many issues that should be considered in drafting an enforceable agreement that serves both the donor and the charity. He proposes alternatives to enforceable pledges, including the statement of intent to make a gift and the revocable enforceable pledge.  MORE »

In this article from Leimberg Information Services, distinguished estate planner and author Byrle M. Abbin points out the recent change in Code Section 664(c) from an income taxable status to an excise tax on UBTI can have an economic result ranging from "disastrous" to "no consequence." What makes the difference, Byrle tells us, is controlled by the nature of the investment and portion that is UBI. Byrle monetizes the impact of the new tax under a range of scenarios, and provides a definition of the excise tax base. If you work with CRTs, this is a MUST read analysis!  MORE »

The tax law surrounding charitable contributions of tangible personal property such as artwork to museums has long been subject to vigorous debate among taxwriters. In this article, Connecticut attorney James B. Lyon reviews the evolution of these rules with emphasis on the newest and most restrictive provisions as imposed by the Pension Protection Act of 2006.  MORE »

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The Tax Relief and Health Care Act of 2006, signed into law on December 20, 2006, includes a provision that will be welcome news to most trustees of charitable remainder trusts. Beginning in 2007, charitable remainder trusts that have unrelated business taxable income will no longer lose their tax-exempt status for the year; rather, an excise tax will be imposed in the amount of unrelated business taxable income itself. While this will be welcome news to most trustees, the new law also creates a trap that is potentially more confiscatory.  MORE »

Following passage of the PPA 2006 and the first "Charitable IRA Rollover," the two most significant questions on advisors' minds have been how taxpayers will exclude qualified charitable distributions on their income tax returns and whether or not IRA custodians will be responsible for determining if a distribution is indeed qualified. In this article, UMKC law professor Christopher R. Hoyt shares the answers.  MORE »