The Galloway case, profiled in the Summer 2006 issue of this newsletter, involved a testamentary gift from the decedent's revocable trust. The trust terms directed a division of the trust's assets into four shares at Mr. Galloway's death, two of which were to be held for charity. The document directed a distribution of one half of each charitable trust share in 2006 and the remainder in 2016. read more »
This Charitable Planning in Practice article is the first of two segments. This quarter, segment one explores real estate gift options. read more »
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Floor on Lutheran's New Bed Tower to be
Named for Donor
When a Park Ridge resident let us know that he had named Advocate Lutheran General Hospital as the primary beneficiary of his estate, we wanted to find a way to recognize and honor him for this generous gift during his lifetime. Working together, Advocate's gift planning officer, major gift officers and the donor's attorney, Richard A. Nelson of Richard A. Nelson & Associates of Arlington Heights came up with a way for our donor to see the immediate impact of his gift. A floor on Lutheran's new bed tower will be named for the donor. "I knew this is what my client wanted to do and once again appreciated the way the Advocate gift officers worked collaboratively with me to make this happen," said Mr. Nelson. "They came up with a great way to thank my client for his generosity and loyalty to the hospital."
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Save the Date:
October 11th
8:00 - 10:30 a.m.
"Dealing with aging clients: capacity vs. incapacity" will be the topic of the Advocate Health Care Advisor Alliance's inaugural breakfast program, to be held Thursday, October 11th, at 8:30 a.m. The keynote speaker will be the Honorable Patrick T. Murphy, who served as Cook County's public guardian for 25 years. The program will include a panel discussion moderated by Joel Weisman, host and senior editor of Channel 11's "Chicago Tonight: The Week in Review." The event will be held at The Medinah Country Club.
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After a long wait, the IRS has released sample forms for charitable lead trusts providing guidance and safe harbor provisions for planners. read more »
Section 1226 of the Pension Protection Act of 2006 directed Treasury to study the organization and operation of donor advised funds and supporting organizations and report back to Congress no later than August 16, 2007. read more »
The Giving USA Foundation recently released Giving USA 2007 estimating donors made charitable gifts of $295.02 billion in 2006, an amount representing 2.2% of the U. S gross domestic product (GDP). read more »
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