Date and Time
Tuesday, April 27, 2010 7:30 AM
Venue
Regent Beverly Wilshire Hotel-Beverly Hills
Recommended for:
Professional Advisors
Event Summary:
This year's in-depth series of breakfast programs began with a presentation by J. Patrick Whaley of the Law Firm of Musick Peeler & Garrett LLP on "Restricted Gifts to Charity - Protecting Donor Intent in Changing Times." Mr. Whaley addressed the topic of restricted gifts and how donors who make contributions to a charitable organization may impose restrictions on the gift. The restrictions may relate to the purpose for which the gift is to be expended, to timing, or to both purpose and timing. There could also be other restrictions, such as how the gift is to be recognized or invested. Charitable donees must decide if they can and should accept a gift subject to the restrictions imposed by the donor. Discussions covered deductions for contributions made to charitable organizations for purposes of federal and California income taxes and federal estate and gift taxes. Such discussions related to benefits to donors, partial interests, failure to effect a complete transfer - conditions precedent and subsequent. Mr. Whaley also reviewed the issues of pledges, standing (who has standing to assert that a charitable recipient of a restricted gift has not complied with the restrictions on that gift), and changing restrictions (with a discussion of Deviation and of Cy Pres). Finally, Mr. Whaley reviewed restrictions in gift instruments and cases and controversies of note.
Featured Speaker J. Patrick Whaley of the Law firm of Musick Peeler & Garrett LLP.
J. PATRICK WHALEY
- Partner at Musick Peeler & Garrett LLP. Specializes in the field of taxation
- Served as a trial attorney, Tax Division, United States Department of Justice, Washington, D.C. and as a special assistant United States attorney for the Northern District of California.
- Has lectured throughout the United States.
- Author of numerous articles pertaining to various tax subjects, as well as the Annual Supplements to the first edition of the CEB publication, Advising California Nonprofit Corporations, and executive editor to the third edition.
If you have any questions, please contact Elliot B. Kristal, vice president of charitable gift planning by phone at (323) 761-8707 or by email at ekristal@jewishfoundationla.org.