Using a community foundation to achieve charitable goals

Article Abstract:

A community foundation can be used to achieve charitable goals with minimal administration costs if the client is willing to give up direct control over the trust. A designated fund can be used to direct the endowment to a certain charity or area of interest but any other control is relinquished. A client wishing to set up a community scholarship fund was able to use a community foundation's designated fund to take advantage of administration structures and procedures already in force and achieve charitable goals without the costs and troubles of creating a private foundation.

Analysis, Charitable trusts

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Estate tax marital and charitable deductions need not be reduced by the amount of expenses that would have gone to a spouse or charity

Article Abstract:

The US Supreme Court ruled in Commissioner v. Estate of Hubert that an estate's administration expenses that would otherwise have gone to a surviving spouse or charity were not to reduce either the estate tax charitable or the estate tax marital deduction. Regulations will probably come from the Treasury Department to limit the case's potential tax advantages. The case with legacies is usually that what is left a surviving spouse or a charity does not share in the income from the decedent's estate, and here Hubert would have no impact.

United States, Taxation, Cases, Tax deductions, Estate tax, Estate taxes

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A coordinated program for charitable giving has multiple benefits

Article Abstract:

Law firms should plan their charitable contributions in order to maximize returns in the form of tax breaks, visibility, improved client relationships, employee morale and other benefits. A committee should be established to study contributions made by the firm over the past few years, develop criteria for selecting charities to support in the future and review all requests for donations. The budget can be stretched by making group contributions as holiday gifts or involving other businesses in fund-raising.

Donations, Law firms

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