CHARITABLE GIVINGCHARITABLE GIVING
From David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC in Stamford, Conn., we have this update: IRS approves donor control of investments. In a private letter ruling that was issued but not published as of presstime, the Internal Revenue Service has approved a charitable giving strategy enabling donors to manage the investments of their charitable contributions. The strategy, called
September 1, 2004
Rorie M. Sherman Editor in Chief
From David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC in Stamford, Conn., we have this update:
IRS approves donor control of investments. In a private letter ruling that was issued but not published as of presstime, the Internal Revenue Service has approved a charitable giving strategy enabling donors to manage the investments of their charitable contributions. The strategy, called the “Donor Managed Investment Account Program,” was developed by Winklevoss Consultants, based in Greenwich, Conn. Winklevoss has applied for a patent for the program and provides back office services to administer it. Winklevoss asked the IRS for the letter ruling that green-lighted the plan.
Unlike a donor advis...
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