Charitable Gift Planning: A Practical Guide for the Estate Planner

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American Bar Association, 2007 - 846 páginas
When Congress passed the Pension Protection Act of 2006, they created what may be the most significant reform to charitable planning since the Tax Reform Act of 1969. This practice-focused book is now fully updated to explain the legislation's impact on all aspects of charitable planning. It provides clear and insightful explanations of all relevant tax law, financial considerations, and includes drafting guidelines, and forms to assist with clients' charitable giving needs as part of a comprehensive estate and financial plan. Includes drafting guides and sample forms on CD-ROM.

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Contenido

Charitable Deduction Rules for Gifts by Individuals and Their Estates Introduction
1
Qualified Organizations
2
What Is a Deductible Gift?
3
When Is a Gift Deductible?
19
Valuation
22
The Reduction Rules
27
Taking the Income Tax Deduction
48
The Gift Tax Charitable Deduction
58
Deferred Payment Gift Annuity
399
Gift Tax Consequences
400
Estate Tax Consequences
401
Regulation of Gift Annuities
402
Planning Opportunities
404
A CRT Rolled Over to a Gift Annuity
405
Gift of Future Interest in a Personal Residence or Farm
406
What Is a Personal Residence or Farm?
407

Qualifying Charities
60
Substantiation Requirements
61
The Estate Tax Charitable Deduction
63
Qualifying Charities
65
Qualifying Transfers
66
Ascertainable Requirement
70
GenerationSkipping Transfer Tax
73
Donor Controls and Private Foundations
75
Earmarked Gifts
76
Contingent Gifts
83
Private Foundations
85
Establishing a Private Foundation
92
Operational Restrictions
99
Administrative Requirements
140
Private Foundation Alternatives
146
Terminating a Foundation
154
Foundation Substitutes
159
Supporting Organizations Under the Treasury Regulations
161
Supporting Organization Reforms Enacted by the Pension Protection Act of 2006
178
Community Foundation
190
DonorAdvised Funds
192
DonorManaged Investment Accounts
198
Charitable Remainder Trusts
201
Legislative Background
203
Rules Governing the Creation and Operation of Charitable Remainder Trusts
205
The Grantor Trust Rules and the Date of Creation
208
The Trust Must Qualify for the Income Gift and Estate Tax Charitable Deduction
213
The 10 Percent MRI Test
214
Noncharitable Benefits Limited to Payment of the Unitrust Amount or Annuity Amount
215
Investment Restrictions
220
Private Foundation Excise Taxes
223
Return of Assets
228
Rules Regarding Payout from Charitable Remainder Trusts
229
Charitable Remainder Annuity Trusts
230
Charitable Remainder Unitrusts
232
Comparing Annuity Trusts and Unitrusts
238
Permissible Recipients
243
Term of the Trust
249
Taxation of Distributions to Recipients
253
Determining the Donors Charitable Deduction
262
Gift Tax Consequences
268
Estate Tax Considerations
276
GenerationSkipping Transfer Tax Considerations
279
Distribution of the Remainder Interest
282
Dangerous DIPS for Charitable Remainder Trusts
285
Unrelated Business Taxable Income and DebtFinanced Income
286
Bargain Sale Consequences
290
Investments
292
Stock Options
306
Comprehensive Environmental Response Compensation and Liability Act CERCLA
319
Prearranged Sales
320
Applying Revenue Ruling 78197
324
Corporate Redemptions
325
SelfDealing and the Other Private Foundation Rules
328
Application to Charitable Remainder Trusts
332
Financial and Estate Planning Applications for Charitable Remainder Trusts
335
Charitable Remainder Trusts and Irrevocable Life Insurance Trusts
336
Using the Irrevocable Life Insurance Trust with a Charitable Remainder Trust
339
The Mechanics
340
Retirement Unitrusts and Spigot Trusts
344
Using a FLIPCRUT for Retirement Planning
345
Spigot Trusts
349
Education Unitrusts
357
Income Tax Benefits
358
Structuring the Gift
359
The QTIPCRUT Combo
361
Partial Gift and Sale
362
Stop the Bleeding Part I
366
Cashing Out the Unitrust Interest
368
Other Deferred Giving Arrangements
373
Income and Gift Tax Rules
374
Estate Tax Consequences
379
Using Insurance within a Charitable Remainder Trust
381
The Demise of Charitable SplitDollar
385
Reporting Requirements
389
Charitable Gift Annuity
390
How the Annuity Amount Is Determined
392
Income Tax Deduction to the Donor
393
Structuring the Transaction
409
Tax Consequences
412
Qualified Conservation Contributions
417
Qualified Real Property Interest
418
Qualified Organization
420
Use Exclusively for Conservation Purposes
421
Income Tax Deduction
426
Transfer Taxes
429
Notice 200441
432
Charitable Lead Trusts
433
Legislative History
437
Required Payments
438
The Unitrust Interest
445
Trust Characteristics
448
Term of the Trust
455
Private Foundation Restrictions
457
SourceOrdering Income Payments
458
Effect of Unrelated Business Taxable Income
460
Capital Gains
461
Tax Benefits to the Donor
462
Income Tax Consequences to the Grantor
463
Gift Tax
464
Estate Tax
467
Testamentary Charitable Lead Trusts
471
Grantor Charitable Lead Trusts
472
Triggering the Grantor Trust Rules
473
Income Tax Rules for Contributions to Grantor Charitable Lead Trusts
475
Grantor Charitable Lead Trust
476
Grantor Charitable Lead Trust Created during the Grantors Life
477
Financial and Estate Planning Applications for Charitable Lead Trusts
479
The Charitable Lead Trust and Family Limited Partnership Combination
480
Caveats
482
The Layered Testamentary Lead Trust
483
The Testamentary Charitable Lead Trust and Charitable Remainder Trust Combination
486
Using Testamentary Charitable Lead Trusts to Effectively Eliminate Estate and GenerationSkipping Transfer Taxes
488
Maximizing the GenerationSkipping Transfer Tax Exemption with a Testamentary Lead Unitrust
490
Trustee Issues
493
Federal Tax Consequences of SelfTrusteed Trustees
496
Cautions on SelfTrusteed Trusts
503
Charitable Lead Trusts
508
Charitable Planning with Retirement Plan Assets
511
Lifetime Transfers of Retirement Plan Assets
513
Testamentary Transfers of Retirement Plan Assets to Charity
523
IRD Basics
525
Interplay of the MRD Rules and Charitable Contributions of Retirement Assets
527
Passing Retirement Plan Assets to Charity through an Estate or Trust
536
Charitable Remainder Trust Applications
544
Retirement Plan to Testamentary Charitable Remainder Trust
545
The Charitable Remainder Trust as a Credit Shelter Trust for Retirement Plans
553
Special Considerations for Certain Lifetime Distributions of Qualified Plan Assets
561
Other Methods
569
Gift Annuities
570
Charitable Lead Trust
571
Charitable Planning with Business Assets
573
Contributions by FlowThrough Entities
577
Charitable Tax Planning Using Business Assets
579
Sole Proprietorships
580
Partnerships and Other PassThrough Entities
587
S Corporations
592
C Corporations
602
Drafting Guide for Private Foundations
613
Private Foundation Articles of Incorporation
617
Private Foundation Organizational Minutes Bylaws and Conflict of Interest Policy
623
Private Foundation Trust Agreement
641
Drafting Guide for Charitable Remainder Trusts
651
Revenue Ruling 72395
657
Revenue Procedures 200353 Through 200360
683
Revenue Procedures 200552 Through 200559
701
Charitable Remainder Annuity Trust Agreement
735
Charitable Remainder Unitrust Agreement
745
Charitable Lead Unitrust Agreement
757
ACGA Rates
765
TABLE OF CASES
775
TABLE OF STATUTES
781
TABLE OF TREASURY REGULAT1ONS
791
TABLE OF LETTER RUL1NGS REVENUE PROCEDURES AND REVENUE RUL1NGS
799
INDEX
807
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