Philanthropy/Charitable Giving

Total 168 Posts

University’s Decision on Spending $4 Million Bequest from Frugal Donor is Controversial, Fully Permissible

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University of New Hampshire library cataloger and alumnus Robert Morin died in 2015 at the age of 77. Morin, known for his thrifty lifestyle, spent little on food or clothes, and drove a 1992 Plymouth until his death. His will bequeathed a $4 million fortune to his employer, with the only instructions that $100,000 of the gift be spent at the school’s Dimond Library, where Morin worked. However, controversy later….

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Estate Litigation, Philanthropy/Charitable Giving

Combination Gift Plans

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Combining estate plans and lifetime financial plans can be challenging, especially for individuals who have dedicated a significant portion of their estate to charity, for example 50% or more.  Wills are often drafted independently of lifetime financial plans.  The drafting lawyer may not ask the question “is it prudent and advantageous to start giving major gift during life?”.  In certain situations, there are significant tax and philanthropic benefits to start….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving

Life Insurance Gifts Restructured

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Life insurance is an effective way to make a significant future donation, but the unfortunate reality is that charitable policies have a high lapse rate.  Thousands of policies have been donated since 1979 when the Canada Revenue Agency allowed premiums to be receipted.  Sadly too few pay out to fund charitable programs. There are some practical reasons for the lapse rate. Charitable life insurance policies are sold in the moment,….

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Estate Planning, Philanthropy/Charitable Giving

Deaccessioning Donations of Art

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Deaccession. It’s a word that brings chills to donors and would-be donors of art to public galleries.   The ingratitude.   The betrayal.  How can they sell my gift, my art?!  To deaccession is, in conventional curatorial thinking, to break trust with donors.  It chases them away. In the spirit of pragmatism, most museums and galleries rule out selling works from their collection. It becomes a matter of policy.   “We never sell….

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Estate Planning, Philanthropy/Charitable Giving

Legacy Alive: G.U. Pope in Tamil Nadu

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As a philanthropic advisor, I constantly discuss legacy with clients.   Beyond a gift by will, a legacy transmits values, acts, and funds in a way that makes the world a bit better place.   Quite unexpectedly, I recently found out my great-great grandfather, George Uglow Pope, left what I can only describe as palpable living legacy.  I had to go to the south of India to discover it. Pope was an….

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Philanthropy/Charitable Giving

Serving the Charitable Purpose

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I want to float a trial balloon about charitable trusts. A clause stipulating that a trust should be limited to using income for charitable purposes, meaning that capital is untouchable, should be viewed as an administrative clause and not part of the charitable objects. The charitable purposes of the trust may be perpetual, but making the trust “income only” is a historical drafting convention that no longer serves the charitable….

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Estate Planning, Philanthropy/Charitable Giving, Trustee, Trusts
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