Many families, especially those with high net worth, are deeply interested and involved with philanthropy. Over the last several years, such families have transformed their vision of philanthropy from giving to a number of charitable organizations to strategic philanthropy – funding particular projects for charitable organizations.
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Well, not quite yet. But it’s not too soon to start thinking about gifts, particularly gifts which use your lifetime exemption. That is, the amount that you can gift during your lifetime without incurring a federal gift tax, or the amount that can pass at your death without incurring federal estate tax.
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Many contracts contain an “inability to perform” provision. And these same provisions also often times provide specific excusable reasons for a party to not perform, followed by a catchall statement, setting forth “or any other cause beyond the parties reasonable control, whether or not such other cause shall be similar in nature to those hereinbefore enumerated”. With the COVID-19 pandemic still in full effect, businesses across New York City have begun to face significant economic hardships, and are thus pointing to this catchall statement, as confirmation that they are likely excused from performing their contractual duties. However, they should not… Read more
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