Court Refuses to Reform Will To Create CRAT and Save Taxes

Attorney, not told the extent of the donor’s estate, followed instructions to draft simple, inexpensive instrument

A man who lived in subsidized senior housing and failed to tell his lawyer the extent of his estate told his lawyer only that he wanted to keep his legal fees as low as possible. Following instructions, the lawyer produced a simple 2-page will, leaving the income from his securities and bank accounts to two friends, with the residue thereafter to the American Cancer Society and the American Heart Association.

lock The full text of this article is available to paid subscribers only. Login or subscribe to read more

May Webinar

Charitable Giving: Whether, when, and how much of your gift is deductible
Thursday, May 23, 2024
1:30pm to 3:00pm EDT

We all know what a charitable gift is — or at least we think we do. But the rules on giving and deducting are actually pretty complicated. This webinar will provide a comprehensive review of the many rules and special situations that affect charitable giving and the deductibility of donor gifts.

Learn more and register

Nonprofit bylaw review

Don Kramer will review and comment on your own current or proposed bylaws

Do your Bylaws reflect the way you actually operate? Do they protect the interests of those who should be protected? Do they spell out clearly how to deal with governance issues? Or do they create uncertainty for those who have to implement them?

Most nonprofits don't spend a lot of time looking at their Bylaws until there is a question or a dispute. That's when you need bylaws that are clear and unambiguous, so your questions on how to proceed are already answered. That's when bad bylaws can lead to unnecessary controversies or even costly litigation. Nonprofit Issues editor Don Kramer will review your current or proposed Bylaws to see if they work for you.

Learn more

New Subscribers can have full access to the entire website and all editions for 3 months for only $17.95.

Subscribe Today

Here's what our readers say about Nonprofit Issues:
Thanks again for your excellent and helpful website - it's a wonderful resource for the non-profit community! --Stephanie H.

Thank you for your informative and keen advice on nonprofit matters. I believe it's a unique and concise place to get answers to this often wispy area called nonprofit. --Richard T.

Special Report Available

Increasing Gender Diversity on the Boards of Nonprofit Eds and Meds: Why and How to Do It

This report provides a rare inside view on barriers women face to selection and success that are particular to nonprofit organizations and makes specific recommendations on how to improve the gender ratio.
Download the full report free

YOUR ONE-STOP PLACE FOR NONPROFIT LAW YOU NEED TO KNOW

Court Refuses to Reform Will To Create CRAT and Save Taxes

Court Refuses to Reform Will To Create CRAT and Save Taxes