The famous Barnes Foundation operates an incredible art museum in Merion, PA, featuring scores of Cezannes, Matisses and Renoirs. Unfortunately, due to severe restrictions in the foundation’s trust indenture, this venerable institution is on the verge of bankruptcy. A plan was proposed to save the Barnes Foundation, if the court would release it from the…
T-shirts or sweatshirts with charity logos are de rigueur at walk-a-thons, bike-a-thons, and other charitable events. While these might motivate donors, do these ubiquitous small gift items impact contribution deductions? Yup. The general rule is that you have to reduce the amount of your contribution deduction by the fair value of any gift item received…
The James D. Galloway Revocable Living Trust provided that the residue of the trust would pass in four equal shares to his son, a relative, and two charities. Each of the four beneficiaries was to receive 50% of their one-quarter share in early 2006 and the remainder on January 1, 2016, when the Trust was…
Suppose you have a favorite charity (if you don’t, go get one!) and would really like to make a long term and meaningful commitment. It is a great “feel good” to help a worthy cause, it sends a loud “thanks” to all the volunteers you work with, and it sets a great example for children…
Contributions Don’t Have to be Reduced if You Receive Insubstantial Gifts T-shirts and sweatshirts with charity logos are de rigueur at walk-a-thons, bike-a-thons, and other charitable events. While these might motivate donors to participate, do these ubiquitous small gift items impact contribution deductions? The answer is yes. The general rule is that you have to…
Standard Use: Charitable lead trusts (CLTs) are a great charitable and gift planning technique. You can gift a large sum to a trust. A charity receives a periodic distribution for some number of years, say 6% of the value, paid annually for 20 years. The result is a dramatic reduction of gift tax cost on…