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Dec 1, 2009 12:00 PM
The Unraveling of Donor Intent
Five key cases show us the way these lawsuits might be avoided in the future
Gift restrictions have always been a component of charitable gift planning. In 1643, Lady Anne Radcliffe Mowlson created the first scholarship at Harvard College. In 1887, Josephine Louise Le Monnier Newcomb contributed $100,000 to establish the Sophie Newcomb College at Tulane University, the first self-supporting American women's college associated with a men's school. During the Industrial Age, families such as the Rockefellers, Carnegies, and Fords made gifts to address specific social issues, establish libraries, or for other directed purposes.
Donors' gift restrictions continue to this day. In 2004, McDonald's heiress Joan B. Kroc left $1.5 billion to the Salvation Army, calling for the nonprofit to establish community centers across the country. And, this year, J. Ronald Terwilliger, head of the largest developer of multi-family housing in the United States (Trammell Crow Residential), announced that he's committed to leaving $100 million to Habitat for Humanity International — and that 70 percent of his bequest is to be dedicated to microfinancing for housing.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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