Professional Notes

Professional Notes is our Tax and Estate Planning publication for professional advisors. Contact us at Pronotes@nyct-cfi.org if you or one of your colleagues would like to be on our mailing or e-mail list for Professional Notes. Issues are available for download below, or you can order past printed versions through our publication order form.

2009 Series

• Transferring a Private Foundation to a Community Foundation (March 2009)
  This issue explores circumstances and case studies in which a transfer makes sense, and reviews procedures for dissolution and transfer. Read full issue>>
  
  
• A Private Foundation or a Fund in a Community Foundation: Weighing the Options (June 2009)
  This issue explores the factors you and your client should consider when first deciding on a vehicle for charitable giving. We compare some of the costs and benefits of a fund in a community foundation with a private foundation, including administrative considerations and tax and regulatory issues. Read full issue>>
  
  
• A Private Foundation and a Fund in a Community Foundation: Does Your Client Need Both? (October 2009)
  This issue illustrates examples in which having a fund at a community foundation in addition to a private foundation makes sense. Read full issue>>
  
  

2008 Series

• Charitable Remainder Trusts (March 2008)
  Charitable remainder trusts (CRTs) provide for the eventual transfer of property to charity after paying income to one or more non-charitable beneficiaries. The New York Community Trust is an ideal remainderman of a CRT because of its flexibility and experience. Read full issue>>
  
  
• Charitable Remainder Unitrusts (June 2008)
  A charitable remainder unitrust (CRUT) is a CRT that makes annual payments to the income beneficiaries as a fixed percentage of its annual value. The unitrust amount will increase or decrease from one year to the next with the trust’s market value. To the extent that property in the trust appreciates in value over time, a unitrust provides a hedge against inflation for the income beneficiaries. CRTs provide three important tax benefits:
  
• a current income tax deduction for the present value of the remainder committed to charity;
• the avoidance of capital gains tax upon the disposition of appreciated assets; and
• exemption from tax of earnings of the trust until they are distributed to the income beneficiary. Read full issue>>
  
  
• Charitable Lead Trusts (October 2008)
  This issue discusses a planned giving vehicle for which The Trust is an ideal beneficiary—the charitable lead trust (CLT). Often described as a reverse CRT, it also is an irrevocable trust with both charitable and non-charitable beneficiaries.
  
  Like the CRT, the charitable lead trust can be structured to pay either an annuity interest or a unitrust interest to one or more interim beneficiaries for a specified term, before the assets are disbursed to the remainder beneficiary. But unlike the CRT, the charitable lead trust makes the initial or “lead” payments to one or more charities for a period of time, and distributes the remainder of trust property to one or more non-charitable beneficiaries after the lead interest expires. While the CLT is not as well known as the CRT, it is an excellent financial and estate planning tool with particular utility for donors seeking to reduce estate and gift taxes in a low interest rate environment. Read full issue>>
   

2007 Series

• The Pension Protection Act of 2006: Implications for Charitable Giving (March 2007)
• Impact of the Pension Protection Act on Supporting Organizations (June 2007)
• Impact of the Pension Protection Act on Donor-Advised Funds (October 2007)

2006 Series

• Estate Planning for Married Couples (March 2006)
• Spousal Right of Election in New York (June 2006)
• Estate Planning for Individuals and Non-Traditional Families (October 2006)

2005 Series

• Legislative Proposals to Reform Charities: Chapter 1 (March 2005)
• Legislative Reform: Chapter 2 (July 2005)
• Legislative Reform: Chapter 3 (September 2005)

2004 Series

• Use of Qualified Disclaimers in Estate Planning (March 2004)
• Estate Planning Using Retirement Assets (October 2004)

2003 Series

• Investment Standards of Charities (March 2003)
• Uniform Principal and Income Act (June 2003)
• Endowment Funds of Non-for-Profit Corporations (October 2003)

2002 Series

• Grants by Private Foundations to Individuals and Foreign Organizations (March 2002)
• Grants by Public Charities to Individuals (June 2002)
• Grants by Public Charities to Foreign Organizations (October 2002)

2001 Series

• Gifts of Partial Interests (June 2001)
• Timing of Charitable Contributions (October 2001)

2000 Series

• Charitable Gifts Using Publicly Traded Securities (March 2000)
• Charitable Gifts Using Restricted or Closely Held Stock (June 2000)
• Charitable Gifts Using Life Insurance (October 2000)
  

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This material was developed by The New York Community Trust for the use of professionals. It is published with the understanding that neither the publisher nor the authors are engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.