The August Estate Analyst

Robert L. Moshman (Attorney, New York and New Jersey) recently published his article entitled, Giving It All Away: Vows of Poverty, Leaps of Faith, and the Right Time for Giving, The Estate Analyst (Aug. 2012). The introduction from his article is provided below:

Shortly before her death, a Benedictine nun honored her vow of poverty by anonymously redirecting an inheritance she was about to receive.

An affluent  socialite with numerous children, friends, and a full life renounced her wealth and became a nun. Wealthy people have been known to give away the vast majority of their possessions. Some people even give away their lottery winnings.

But giving away wealth has ramifications. There are transfer tax liabilities and estate planning concerns. Here is a collection of examples, their resulting financial planning issues, and some Charitable Giving Briefs.