The necessary details of charitable agreements are often overlooked by the parties, potentially resulting in serious legal ramifications. Incorporating charitable giving in an estate plan involves careful consideration to specific rights, conditions, restrictions and other vital provisions within a charitable gift to ensure the donor's intent and the benefits allowed for estate planning purposes.
Charitable gift agreements must outline the donor's intentions for the use of the contribution, any conditions precedent, clauses regarding change in circumstances, and other items that could lead to litigation or the reversion. Also, careful planning must ensure that any limitations do not endanger the deductibility of the contribution by the donor.
An ineffective gift agreement can have a devastating effect on an individual's overall estate plan. Estate planning attorneys must know the critical elements of effective charitable gift agreements and ensure that donors maintain the tax benefits of such transactions.
The panel will provide estate planning counsel and advisers guidance on avoiding legal ramifications in the negotiation and drafting of charitable gift agreements. The panel will discuss critical developments in charitable giving in estate planning, offer real-life examples of the consequences of ineffective charitable gift agreements and offer techniques for negotiating and drafting charitable gift agreements to avoid litigation and negative impact to the donor's estate.
Key issues to be discussed:
- Recent developments impacting charitable giving in estate planning
- Ramifications of ineffective charitable gift agreements
- Critical elements of gift agreements
- Conditions, restrictions and ensuring the deductibility of contributions
- Valuation issues and accurately recording contributions
- Best practices to ensure donor intent and an effective charitable estate plan