Election day has come and gone, but given the political divides in this country, clients will likely continue contributing to various political organizations. Unlike gifts to charities, gifts for political causes are subject to limits and other requirements. That’s why it’s important for estate-planning attorneys and fiduciaries to be aware of how to comply with these requirements when overseeing estates or trusts in which gifts are made to political organizations. In “Is Your Trust Agreement Politically Correct?” p. 24, Allison K. Pfeifle, Craig Engle and Melisa Seyhun set out the contribution limits for the different types of political organizations and offer considerations for practitioners when drafting wills and trusts for clients who want to make legacy political gifts and to fiduciaries tasked with making political contributions.
This month’s issue also includes our Estate Litigation Committee Report. The articles in this Report deal with: the conflicts involved when a fiduciary serves as both a trustee of a company-owning trust and the company’s chief executive; the discord and possible litigation that can occur when the fiduciary and the beneficiary don’t engage with each other; and the circumstances in which it may be best to seek court intervention to resolve an issue when administering a client’s estate.
With a new presidential administration, it remains to be seen what changes to the estate and gift tax rules will be in store in 2025. We’ll continue to provide coverage to help you keep up to date on any new developments.
