Trusts and Estates > Philanthropy > Charitable Giving at Death

Oct 1, 2011 12:00 PM

Charitable Giving at Death

Planning and drafting considerations

By Jonathan Tidd

The federal estate tax is, in a sense, voluntary, because the estate tax charitable deduction allowed under Internal Revenue Code Section 2055(a) can reduce any taxable estate to zero. On the other hand, relatively few estates are now subject to federal estate tax because of the estate tax exemption of $5 million.1 Yet, even for owners of estates with assets of less than $5 million, the provisions of Section 2055, and the corresponding regulations, can be important. Moreover, for charitable givers, the federal income tax can play an important role in good planning and drafting.

In addition, proper planning and drafting can help avoid non-tax problems with respect to at-death charitable dispositions — such as the interpretation or enforceability of gift agreements as well as various estate administration problems.

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Private Foundations Life Insurance
2010 Tax Act News Industry Trends Surveys

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