Media Mentions
2011
“Earning Income by Making a Gift”
Wall Street Journal, September 17, 2011
Neil Kawashima said that making a charitable gift annuity to a nonprofit in exchange for lifetime fixed annuity payments is a good way to help a charity, get an upfront tax deduction and secure a predictable lifetime income stream. He added, however, that before making such a donation it is advisable to determine what the charity will do to guarantee the payments, particularly when donors outlive their life expectancy.
Neil T. Kawashima, Private Client
2009
Neil Kawashima commented for The Wall Street Journal on August 8 concerning a bill introduced in the U.S. Senate to make it easier for wealthy collectors to donate artwork for museums. The bill, introduced by New York Senator Charles Shumer, attempts to reverse recent declines in donations by allowing donors 20 years to complete their gift and letting them take a tax deduction on some of the appreciation. “This bill remedies some of the problems with respect to the current law, but it doesn’t go far enough,” said Mr. Kawashima.
Neil T. Kawashima, Private Client
Neil Kawashima is mentioned in an April 7 story by The Wall Street Journal concerning defective grantor trusts. The trusts can be used to move money out of taxable estates and transfer gains to heirs tax-free, and despite their risks have seen increased interest in the wake of the market declines in real estate and stocks. Mr. Kawashima expects that he will increase the number of these transactions he executes this year by nearly one-third.
Neil T. Kawashima, Private Client
Neil Kawashima was quoted on March 2 in The Chronicle of Philanthropy regarding President Obama's proposal to reduce the value of the charitable deduction for wealthy Americans. Mr. Kawashima commented that people who are considering types of giving that offer one-time, upfront charitable deductions on their federal taxes may especially be tempted to consider acting before the deduction rate falls. Although, Mr. Kawashima said that fund raisers may have a difficult time enticing donors to give more due to the bad economy, "Most people are feeling tapped out already," he said.
Neil T. Kawashima, Nonprofit Organizations, Private Client, Tax Exemption
Neil Kawashima was quoted on March 1 in The Wall Street Journal regarding nonprofit organizations criticism of the proposed limits to charitable deductions in President Barack Obama's budget plan. Critics argue that the decreased deduction rates will be an additional hindrance to nonprofits already struggling with a steep drop-off in donations. However, the change could cause an increase in donations before the new law takes effect. Mr. Kawashima said, "The only silver lining out of this is charities can try to argue that donors should prepay pledges now so that they can take advantage of the deduction sooner rather than later."
Neil T. Kawashima, Nonprofit Organizations, Private Client, Tax Exemption
2007
Neil Kawashima was quoted in the December 17 issue of Crain’s Chicago Business about how banking institutions that cater to high net worth families are discovering that helping clients give money away helps the banks, too. "It's the good old-fashioned profit motive," Mr. Kawashima said.
Neil T. Kawashima, Private Client
2006
Neil Kawashima was quoted in the September 13 issue of The New York Times about how directors and trustees of the nation's top art museums are preparing a major lobbying effort to reverse a federal tax provision approved last month that they say will significantly harm their ability to acquire new artworks. Under the new changes, there could be significant estate tax penalties if donors make fractional gifts and then die while the work is still in their possession. Mr. Kawashima commented that as a result, some lawyers are now advising clients to stop giving fractional donations. "You can't predict when you'll die or how much the painting will appreciate, so my advice would be, don't do it," said Mr. Kawashima.
