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Negotiating, Drafting, and Enforcing Gift Agreements: Restrictions and Pitfalls to Avoid, Tax Considerations

Recording of a 90-minute CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Wednesday, January 31, 2024

Recorded event now available

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This CLE webinar will provide estate planning counsel and advisers guidance on avoiding legal ramifications in the negotiation, drafting, and enforcement of gift agreements. The panelist will offer techniques for negotiating and drafting gift agreements. The panelist will also discuss issues involved in enforcing a gift agreement.

Description

The necessary details of gift agreements are often overlooked by the parties, potentially resulting in serious legal and tax ramifications and litigation. Incorporating charitable giving in an estate plan involves careful consideration of specific rights, conditions, restrictions, and other vital provisions within a gift agreement to ensure the donor's intent and the benefits allowed for estate planning purposes.

Gift agreements must outline the donor's intentions for the use of the contribution, any conditions precedent, clauses regarding changes in circumstances, and other items that could lead to litigation or reversion. Also, careful planning must ensure that any limitations do not endanger the deductibility of the contribution by the donor.

Estate planning attorneys must know the critical elements of effective gift agreements and ensure that donors maintain the tax benefits of such transactions. In addition, enforcing gift agreements that lack key provisions and necessary protections can be a complex and frustrating path for counsel and donors.

Listen as David J. Spacht, Attorney at Cahill Gordon & Reindel, discusses recent developments impacting charitable giving in estate planning, outlines the pitfalls of ineffective gift agreements, and offers techniques for negotiating and drafting gift agreements to avoid litigation.

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Outline

  1. Legal issues stemming from ineffective gift agreements
  2. Critical considerations in negotiating and drafting gift agreements
  3. The impact of conditions and restrictions on the deduction of donor contributions
  4. Enforcing gift agreements
  5. Best practices to avoid or manage litigation stemming from gift agreements

Benefits

The panelist will review these and other key issues:

  • Ramifications of ineffective gift agreements
  • Critical elements of gift agreements
  • Conditions, restrictions, and ensuring the deductibility of contributions
  • Valuation issues and accurately recording contributions
  • Enforcing gift agreements and navigating issues for donors and nonprofits
  • Best practices to ensure donor intent and an effective charitable estate plan

Faculty

Spacht, David
David J. Spacht
Attorney
Cahill Gordon & Reindel

Mr. Spacht is an attorney in the New York office of Cahill Gordon & Reindel LLP where he focuses his practice on...  |  Read More

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