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The gift will also provide $400,000 for Reach out and Read Kansas City. That program partners with doctors to provide books for children and to encourage parents to read to them. “Small towns aren’t as isolated now as when I grew up,” Michael Cummings said. “But there’s still a difference in resources that are available and in the kind of things you become aware of. I’m hoping this scholarship will help some people who will have a similar experience to what I have had, which is to find a career that wasn’t on their radar and from there to end up with a wonderful and fulfilling career.” Cummings’ wife, Pamela Miller said the scholarship expresses their gratitude to KU for making Michael’s career possible. “I know how much he loves what he does and how good he is at it, and his career has brought tremendous benefit to our lives,” she said. “In turn we can help make a difference. We can not only pay back, but we also can pay forward.” “We are grateful to Michael and Pamela for their love of our school,” said Dean Mahesh Daas. “This scholarship will give students who come from rural communities the opportunity to become part of the vision we have for all of our students, and that is that each should become a pioneering force for achieving global impact through design.” Their gift for Reach Out and Read Kansas City shows the Cummings’ lifelong interest in books. Pamela said that Reach out and Read Kansas City is a win-win for children. It’s a nonprofit program at the KU Medical Center, which is a member of the national Reach Out and Read Program. Reference: University of Kansas (January 11, 2016) “A passion for architecture, reading sparks $2 million estate gift” #CharitableDonation #HoustonEstatePlanningLawyer #HoustonPowerofAttorney

Print this and post it in a good spot, or add these dates to your online calendar with reminders. January 1 (or thereabouts): This is a great time to get your financial house in order. Review your assets and financial plan. Those who are nearly retired should examine their financial plan at least annually, and retirees should conduct quarterly reviews. For Social Security beneficiaries, a new budget law eliminated the “restricted application” strategy for those who are age 61 and younger after January 1. But many baby boomers got an exception, so if you are 62 or older on January 1, 2016, you can still use this, which lets you apply just for spousal benefits at full retirement age while letting your own benefit grow 8% a year until age 70. January 15: If you file estimated taxes, you must file the final payment for the 2015 tax year. However, the IRS gives you a grace period if you file your tax return by February 1. Pay the balance when you file by that date. If you want to purchase individual health insurance on the federal and state health exchanges, January 15 is the deadline to enroll in or change health plans for new coverage to start in February. January 31: This is the deadline to enroll in individual health insurance or change plans on the exchanges and have coverage start in March 2016. Remember, if you don’t have health insurance for 2016, you are subject to a penalty. March 15: If your company offered a grace period for your flexible spending account, spend your remaining FSA money by March 15 on eligible expenses. If you miss this deadline, the cash balance in your account goes to your employer. April 1: If you turned 70½ in 2015, April 1 is your deadline for taking your first required minimum distributions (RMD) from your retirement accounts, such as your 401(k) and your IRA. The penalty for missing an RMD is 50% (yes half!) of the amount that wasn’t withdrawn. If you miss a required distribution, take the money out as soon as you realize your error and ask the IRS to waive the penalty with Form 5329 and a letter of explanation. April 18: The federal tax filing deadline in 2016 is delayed to April 18 because of the celebration of Emancipation Day on the 15th in DC. April 18 is also the last day to make 2015 contributions to an IRA. You can file for a six-month extension on your 2015 return, but you need to pay your expected tax bill by April 18. And don’t forget about state taxes! April 18 is also the due date for the first federal estimated tax payment for the 2016 tax year. April 30: A new law ends the “file and suspend” Social Security strategy. If you want to use this and are at full retirement age of 66 or older as of May 1, you must file for your benefit and suspend it by April 30, 2016. Then your spouse can collect spousal benefits based on your earnings record while you postpone your benefit to earn 8% a year in delayed retirement credits. June 15: Your second estimated tax payment is due (if applicable). June 30: Retirees abroad who had more than $10,000 in foreign bank accounts in 2015 must file FinCEN Form 114 with the Treasury Department. The government imposes huge penalties for failing to file. September 15: If you’re paying estimated tax, you must send in 2016’s third payment. The final estimated tax payment is due in January 2017. September 30: Some beneficiaries who inherited individual and Roth IRAs in 2015 take note—if a non-individual (like a charity) has also been named as a beneficiary, cash out the non-individual’s portion by this date. Otherwise, the IRA may have to be totally withdrawn within five years after the original owner’s death. October 15: Open enrollment begins for private Medicare Part D prescription drug plans and Advantage plans. This ends on December 7. Take some time to study this, as plans can change their benefits and drug formularies from year to year. October 17: Your 2015 tax return is due today if you filed for a six-month extension. But breathe easy: because the usual deadline of October 15 falls on a Saturday, you get a few extra days to finish up your return. November 1: Watch for federal and state health care exchanges to open for enrollment for 2017 health coverage. December 31: Of course, end of the year means the deadline for several tax moves, such as the second required minimum distribution. Non-spouse beneficiaries of traditional and Roth IRAs must also take RMDs by year-end, starting the year after the original owner’s death. If multiple beneficiaries have been named to an inherited IRA, be sure to split the account by December 31 of the year after the owner’s death. That way each beneficiary can use his or her own life expectancy for required withdrawals. If not, then the withdrawals will be based on the oldest beneficiary’s life expectancy. Also, to receive a 2016 charitable tax deduction, contribute by the 31st. Last-minute donations can be made on a credit card or to a donor-advised fund. Reference: Kiplinger’s (January 2016) “15 Deadlines Retirees Can’t Afford to Miss in 2016” #HoustonAssetProtection #IRA #401k #HoustonEstatePlanning #SocialSecurity #CharitableDonation #RothIRA #TaxPlanning #Medicare #RequiredMinimumDistributionRMD #RetirementPlanning

1. Set goals. Set out your short-term and long-term goals with your family, spouse, or significant other. If you’re single, make a list for yourself. Be as specific as you can and brainstorm, then prioritize these items by picking your top four or five. Attach a cost to these to see if they are achievable within your budget. 2. Develop a new budget. Review last year’s spending and see how it aligns with your values and your goals. Then, develop a new budget using last year’s as a benchmark. Move your expenses to reflect your core values while also incorporating the top four or five priorities from the first step. 3. Open multiple savings accounts. Set aside specific, separate savings accounts for some of your goals to ensure that you won’t raid savings for one expenditure to use for another and to make it easier for you to spend money as planned. 4. Summarize your net worth. Include the value of your assets. Include real estate, cash, investments, life insurance cash value, jewelry and cars. Next, list what you owe on auto loans, mortgages, credit card debts, and student loans. The difference is your net worth. 5. Summarize your insurance. Create a summary sheet for your health, life, disability, liability, and long-term care insurance policies and include expirations dates and the basics for each one. 6. Review your investments. See if your total exposure to the stock market makes sense given your risk tolerance and your proximity to retirement. 7. Check on your estate plan. Review the titling of your accounts, your beneficiary designations, and your estate planning documents to see if they still apply or whether changes are needed. Schedule a visit with your estate planning attorney to make the revisions. If you don’t have a will, ask the attorney to draft one ASAP. Dying without a will can create complex and expensive consequences for your loved ones. 8. Organize your financial documents. Create a file for all of your financial documents and include a list of all current credit cards, driver’s license, monthly bills, the location of your safe deposit box and keys, marriage and birth certificates, passports, online passwords and account numbers and a video recording of your home contents. Personally identifiable information should be in a secure, encrypted electronic file or in a safe deposit box. Each item on this list is important, but you don’t have to do everything all at once. Set aside some time each week to work on your financial to-do list so it’s not so overwhelming. It’s important to set yearly goals and to simplify and improve your financial picture. Reference: Nerd Wallet (January 7, 2016) “How to Improve Your Finances in 2016” #HoustonAssetProtection #EstatePlanningLawyer #ProbateAttorney #WillChanges #HoustonWills #Inheritance

Organizing your personal finances is especially critical for Baby Boomers who’ve recently retired or who need to make the most of what remains of their working years. There’s no time like the present to tune up your strategy (or make that appointment with the dentist!). The article, “9 ways for older Mainers to get a grip on finances in 2016,” from the Bangor Daily News has some great tips for starting the New Year right: Get ready for tax time. Set up a computer folder to collect tax-related papers as they arrive. If you don’t, April 15th will roll around and you’ll be wondering where you put those tax documents! Make a checklist of the documents you’re expecting and file as soon as possible after you have them all. Also, think about changing your withholding amounts to be closer to the taxes you expect to owe for the coming year. Update your estate plan. Review your estate documents, including your will, your medical and financial powers of attorney and your advance directive for end-of-life care (living will). If you don’t have any of these documents, talk with an experienced estate planning attorney. For your sake and the sake of your heirs, don’t put it off. Fine tune your investments. Review your investments to make certain they’re in sync with your retirement goals and life changes. This includes cash-on-hand needs and risk tolerance. Does your portfolio need rebalancing, or do under-performing assets need to be swapped out? Review your financial condition. Examine your overall financial situation by tallying your assets and liabilities, as well as your expected income and expenses for 2016 to help you decide if you need to use any of your savings or investments to pay monthly bills. Be wary of investment scams. Always research any unsolicited proposals or work with an attorney to do thorough due diligence on anyone who approaches you with a “sure thing.” Review beneficiary designations. This is for your retirement accounts, life insurance policies, and other assets to make sure they are in line with your estate planning. Review insurance policies. Check your life, health, long-term care, home and automobile policies for appropriate coverage and any needed changes. Reference: Bangor Daily News (January 2, 2016) “9 ways for older Mainers to get a grip on finances in 2016” #AssetProtection #HoustonWills #Inheritance #PlanningfortheFuture #HoustonTrusts #PowerofAttorney #HoustonEstatePlanningLawyer #TaxPlanning

A recent post on New Jersey 101.5’s website, “Red flags to avoid when  donating to charity,” cautions that when you’re looking for a worthy cause for a donation, be certain that it’s a “qualified exempt organization” per the IRS, which has a list of these charities on its website. Remember that charitable contributions are deductible only as itemized deductions. If the donation is for non-cash contributions to a qualified charity valued at more than $500, you must also fill out and attach Form 8283 with your return to the IRS. Typically, if the value of the donated property for which you plan to claim a deduction is greater than $5,000—or if the deduction for any one item is greater than $500, you need to have a qualified appraiser’s report. If you don’t have this, the deduction will be based on the estimated fair market value of the property. Fair market value may be based on the current sale price of comparable items, based on the age and condition of the property and on the similarity of the compared and donated items. The fair market value of ordinary household goods and clothing is usually much less than the original purchase price. Some organizations, like the Salvation Army and Goodwill, provide a donation value guide that lists common items donated and the average value. Be precise with your records of the donation. If you are donating household items or clothing, the items have to be in “good used condition.” You can’t donate that old plaid sofa in the basement—the one that no one would ever use—just to get it out of the house. If the amount you are donating to one organization is more than $250, you’ll need a written receipt itemizing the items and the values—and even with donations less than $250, it’s a good idea to get an itemized written receipt. Reference: New Jersey 101.5 (January 2, 2016) “Red flags to avoid when donating to charity” #EstatePlanningLawyer #HoustonWills #Probate #Inheritance #HoustonTrustsandEstates

Basic estate planning requires the preparation of at least three documents that state your wishes under different potential circumstances: (i) decisions regarding medical treatment; (ii) decisions about legal and financial matters; and (iii) decisions for your “stuff” after you’ve passed away. Even though they’re part of estate planning, two of these are needed while you’re still alive: a General Durable Power of Attorney and Advance Medical Directive; the third is a will, which is used after your death. Like it or not, there are things that need to be dealt with—either doing them ourselves in an organized fashion with compassion for our loved ones or leaving our affairs to chaos, stress, and disorder for those we leave behind. Folks deal with these matters in a few different ways: The ostrich position is burying your head in the sand and doing nothing; Others prepare the right documents, which they lose in a drawer or a box in the closet; and A third group will take the time to stop and consider the work required of their loved ones to step into their shoes. These folks in Category Three not only express their wishes clearly, but also foster the courage to make really tough decisions. They’re diligent about reviewing their estate planning documents frequently to ensure that they are up-to-date and to make changes along the way. Let’s see what might happen to families in each of three categories: The ostriches may think they just don’t have an “estate;” however, that’s pretty unlikely. If these ostriches don’t have the proper legal documents, family members could be at each other’s throats over who’s going to be in charge. At the worst, they might end up in court and argue as to why they should be named to manage on behalf of the ostrich as Power of Attorney or as Administrator or Executor. This process saps everyone of time and energy when emotions are high. In addition, they can easily lead to misunderstandings and permanent splits among family members about who loved the ostrich more, who did the most for the ostrich, and who should get the ostriches’ “stuff.” The Old Buried Documents group can be complacent, and they may be as vulnerable, sometimes even more so, as the ostriches. That’s because so many changes occur over time that will impact decisions: there are divorces and new children and grandchildren. Relationships and closeness with family members and friends change over time; people move away physically and emotionally. Also, the laws governing estate planning change—sometimes dramatically. The Cool Kids in Category Three not only prepare the right documents with the assistance of an estate planning attorney, but they revisit their documents regularly as part of their other types of annual checkups to make sure the wishes in the documents are still what they want and comply with today’s laws. These Cool Kids make the tough choices and may even discuss those choices with family members. In addition to the documents mentioned above, the Cool Kids are smart enough to also leave important lists to save their loved ones guessing and digging, such as the following: Estate Planning Attorney contact info; Bank and investment brokerage account numbers; Insurance account information; and Specific personal items meant to be left to certain individuals. Into which category do you belong to now? Want to move down to Cool Category Three? Talk with your estate planning attorney to get ready to make the jump and hang with the Cool Kids now. Reference: The Times of Trenton (January 3, 2016) “Estate planning is important” #GeneralDurablePowerofAttorney #HoustonWills #LivingWil #AdvanceMedicalDirective #HoustonEstatePlanningLawyer #TaxPlanning

“We had to put Zoey in an equity position immediately,” Brooks says. His daughter Zoey and her sisters are now full owners. “To save the farm, I now work for my daughters. My daughters own all the land. It’s in a separate LLC.” When there’s a child getting married, it may be the right time to protect the farm with a prenuptial agreement. It’s a good move for anyone, and if you want to keep the farm in the blood, a prenuptial agreement is helpful. It’s not just something that’s reserved for Hollywood celebrities! While a trust can be used to transfer restrictions and buy-sell agreements to protect the farm, including keeping the farm out of a divorce, an ex-spouse could still get other assets. That’s why before the wedding, a prenuptial agreement can say that the farm will be treated differently than the wealth the couple accumulates during the marriage. Of course, prenuptial agreements can be a difficult topic, and some describe them as marriage insurance. You hope you never ever need it. However, if you do, then it’s in the drawer. Mr. Brooks says this type of estate planning and strategies saved the farm. Two of his daughters are married, and after what he experienced himself in succession planning, they’ve learned that they really need marital property agreements in place. These arrangements are giving the Brooks family an opportunity to create a new legacy on their family’s farm. “One hundred years from now when there’s 50 decedents, there will still only be four member groups,” Brooks remarked. “Being a part of that member group allows you to decide if you’re a granddaughter or son and wants to work on the farm, that’s your ticket in. It’s not an automatic ticket. Just because your name is Brooks doesn’t make you qualified to operate or be a part of the operation.” Reference: Ag Web (December 30, 2015) “Do Farm Kids Need a Prenup?” #AssetProtection #TrustsandEstates #Farms #PrenuptialAgreement #Inheritance #PlanningfortheFuture #HoustonTrusts #HoustonEstatePlanningLawyer

Retirees should have several money lessons down cold by the time they retire. One of the most crucial is how to live within a budget. Learning that lesson is doubly important for retirees because they’re usually living on a fixed income and aren’t likely to have the option of reentering the work force to make up for any shortfalls. Without a proper budget, they could risk tapping into their nest egg earlier and much more quickly than originally intended. This could make for big problems down the road when those funds are depleted. At its essence, the lesson is simple: spend less money than you make. Next, it’s important to use your retirement savings correctly. Since your retirement savings accounts—like your IRAs or 401(k)s — are tax-advantageous, let the magic of tax-free compounding work as long as possible. So, if you have money in taxable brokerage accounts, it should be used first. These accounts require you to pay taxes on your dividends each year, as well as on capital gains when you sell investments, so use these sooner and allow your tax-advantaged investments to keep growing. If you have money in a Roth account, it should be used last. Not only do these accounts not have any RMD (required minimum distribution) requirements, but they’re also the best thing for leaving tax-free income to your heirs. They’re an excellent estate planning tool. Finally, where you retire can be just as important as when you retire. There are 13 states that tax your Social Security benefits! But take a breath…in nine of these states they only tax Social Security income if a retiree makes more than a certain exemption level or threshold. Be advised – Minnesota, North Dakota, Vermont and West Virginia tax every dollar of Social Security benefits you earn. That may be something to consider if you are planning on relocating. Property taxes can be a major factor. Compare these numbers: if you live in Hawaii, you’ll pay a mean effective property tax of 0.28%. On the other hand, New Jersey’s property tax is 2.38%. Of course, these figures depend on home values, but many retirees are unaware of the costs they’ll incur in retirement that are based just on where they live. Before you retire, understand how your state taxes retirement benefits, including Social Security. Also, learn the type of property and sales taxes you might encounter. Moving to a more tax-friendly state could extend the life of your nest egg by years. Don’t go into retirement without getting to know these potential costs. Reference: Motley Fool (December 30, 2015) “3 Essential Money Lessons for Retirees” #AssetProtection #IRAs #401k #HoustonEstatePlanning #SocialSecurity #Inheritance #PlanningfortheFuture #PropertyTax #RothIRA #HoustonEstatePlanningLawyer #TaxPlanning #Budgeting

Intrafamily Loans. Wealthy individuals occasionally will lend money to their adult children for investment purposes. They also might transfer a promising investment to their children and take back a promissory note on which the children pay interest. Any net investment return above the loan rate is considered a tax-free transfer of wealth to the younger generation. The federal tax regulations stipulate the minimum interest rate parents are required to charge in order to avoid a below-market-rate loan that will be deemed a taxable gift. As rates rise, borrowers will be required a higher rate of return to make a profit, which could make the strategy less inviting. Those that have already used this strategy may think about refinancing to lock in low rates and to extend the term of the loan. Grantor Retained Annuity Trusts. GRATs are frequently used by wealthy individuals who want to pass down appreciating assets to heirs without incurring a hefty gift tax and to lower their overall estate-tax burden. GRATs are designed for a term of two years or more and are often funded with assets with high growth potential, including private equity. The grantor who creates the GRAT usually receives annuity payments from the trust that add up to the assets original value and a market-based interest rate set by tax rules. If the assets in the GRAT generate a total pretax return that exceeds that hurdle rate, the excess return passes to heirs free of gift and estate taxes. If you believe that the interest rates will continue to rise, set up a new GRAT to lock in today’s rate. Qualified Personal Residence Trusts. This might be more attractive when rates are higher—creating a trust to pass a primary residence or vacation home to heirs. The grantor still has the right to live in the home for a set period. A qualified personal residence trust will freeze the value of the property for gift-tax and estate-tax purposes at the time of creation, and the potentially taxable gift is the present value of the asset in a certain number of years. If rates are higher, the present value of the asset is lower; as a result, the gift value is lower. Charitable Remainder Annuity Trusts. With a CRAT, you place assets into a trust and name one or more charities as the ultimate beneficiary, but you still draw income during your lifetime. The grantor gets a tax deduction at the time the CRAT is funded for the remainder interest that will ultimately pass to the charity. When interest rates are high, the present value of the income stream the donor receives is lower, so that the value of the gift to the charity is higher for tax purposes. The higher the interest rate at the time a CRAT is funded means the greater the tax deduction. Meet with an experienced estate planning attorney to determine if these wealth transfer strategies make sense for you and your family. Reference: NASDAQ (December 23, 2015) “Estate Planning: How to Adjust to Rising Rates” #EstatePlanningLawyer #EstateTax #GiftTax #CharitableRemainderAnnuityTrusts #PowerofAttorney #GrantorRetainedAnnuityTrusts #IntrafamilyLoans #QualifiedPersonalResidenceTrusts #HoustonTrustsandEstates

A recent report from CNN Money, “Everything You Need to Know about Giving to Charity Through a Donor-Advised Fund,” says that assets in donor-advised funds increased 25% in 2014 to $70.7 billion. Charitable gifts from the funds grew 27% to $12.5 billion. Is this right for you? It depends on a few key issues to consider before you decide how to give. How Do They Work: Donor-advised funds are philanthropic vehicles that are created by a public charity. The funds are promoted to donors as tax management strategies that allow large, immediate tax deductions in good times and then disburse the money later. The funds are managed by nonprofit entities, typically a charitable organization under a financial services company or a local community foundation. This money grows tax-free while it’s in the fund, but you will have to pay administrative fees in addition to any investment costs. Usually, the more money you have in the fund, the lower the fees. Who Should Utilize Them: The upfront tax deduction makes these funds especially interesting if you see a bump in your income, such as an inheritance or business sale proceeds. Since this type of contribution is deemed a gift to a 501(c)(3) public charity, you are permitted to deduct up to 50% of your adjusted gross income (AGI) for cash gifts—and 30% for donated appreciated securities—to maximize your tax benefit. This can also be a wise move for those interested in donating assets other than cash to a charity. Giving the appreciated assets of stock or complex holdings like real estate or small business shares to a donor-advised fund lets you avoid capital gains tax. Another potential advantage is that if you prefer to remain unnamed, donor-advised funds often allow gifts to be anonymous. When to Not to Use: This type of strategy is best suited for wealthier donors. If you donate less than a few thousand dollars each year, you may want to just contribute directly to your favorite charities. It won’t be worth paying the administrative fees, and most funds require a higher minimum contribution and restrictions on follow-on donations and grant size. There are other limitations, such not receiving goods or services in exchange for your donation. That creates issues with the IRS since you’ve already received a tax deduction on the full amount of your donation. Taking advantage of donor perks, which reduce your charitable donation by what it costs the organization to offer such rewards, would be like cheating on your taxes. If you want to keep the money in the fund for several years, remember that your investment choices are usually limited to those offered by the company with which you opened your account. In addition, donor-advised funds can only make grants to other public charities that are in good standing with the IRS, so you can’t make gifts to split-interest trusts like a charitable remainder or charitable lead trust. Lastly, donors should know that donor-advised fund operators aren’t legally required to follow the donor’s wishes about how to invest the money or where grants should be made. Although many do, you don’t have absolute control over the fund. Reference: CNN Money (December 22, 2015) “Everything You Need to Know About Giving to Charity through a Donor-Advised Fund” #HoustonAssetProtection #Inheritance #DonorAdvisedFunds #HoustonEstatePlanningLawyer #TaxPlanning

Get Credit-Healthy. It’s pretty tough to be financially healthy if your credit-related life is in the dumpster! What can you do to fix it? Well, there are several things, like if you have high-interest rate debt, pay it off. Maybe a temporary second job can help. Consider cutting out the unused gym memberships and take walks instead. You may be able to call the credit card company and negotiate better payment terms. You also should take some time to review your credit report from the three major credit agencies (Experian, TransUnion, and Equifax). You might boost your score just by having errors fixed. A good credit score is important in many situations, like getting a mortgage or purchasing a new car. The better your score, the better your interest rate and the less you’ll have to pay. Get Serious about Your Retirement Accounts. If you’re just socking away a few percentage points of your salary each year, you may be under-saving. This can under-develop your retirement nest egg. Figure out how much money you’ll need in retirement, the amount you can expect from Social Security and other sources, and how much you’ll need to accumulate. When you have created your plan, save aggressively, in your retirement accounts and elsewhere, and invest effectively. Think about Roth and traditional IRAs and 401(k)s if you haven’t already. Get Your Affairs in Order. As morbid as it sounds, it’s critical to plan now so as not to leave your loved ones in the lurch. If your spouse, children, or parents depend on your income, be certain to have life insurance. And if you already have a policy, update your beneficiaries if needed, as well as specifying beneficiaries for your various investment accounts. Talk to an experienced estate planning attorney and have your will drawn up. He or she might suggest a trust or other strategies that can save you or your loved ones time, effort, and money. For example, a living or revocable trust may allow you to avoid the potentially long probate process by directing how your property is to be handled before and after your death. You should also have a durable power of attorney, a living will, and advance medical directives. Address these financial topics in 2016, and you’ll sleep better in the years ahead. Reference: Motley Fool (December 19, 2015) “3 Smart Money Moves You Should Consider Making in 2016” #AssetProtection #EstatePlanningLawyer #ProbateAttorney #IRA #TrustsandEstates #401k #HoustonEstatePlanning #Probate #ProbateCourt #Inheritance #RevocableTrust #PowerofAttorney #Wills #RothIRA #LifeInsurance #LivingTrust #Trusts #PolicyBeneficiaries

The $500 million estate transferred ownership of the properties the elder Spitzer acquired, according to property records recently filed with the city. Spitzer, now an active developer, put a sizable stake of 1050 Fifth Avenue—a 20-story, 90-unit rental building his father developed in 1960—into the Bernard and Anne Spitzer Charitable Trust, along with shares of 30 co-op units. The trust has been a big patron of organizations such as the Public Theater and City College. Bernard Spitzer stipulated in his will that about $250 million of his wealth should be left to charity. Spitzer also transferred interests in properties—including the $88 million Hudson Yards development site that Spitzer Engineering bought in 2013—to his siblings and himself. He also put another development bought for $165 million in February by the family business into a charitable trust set up for his mother. Spitzer Engineering has been selling some of the company’s top properties, such as the Crown Building, which went for a record-setting $1.78 billion in April. Reference: The Real Deal (December 18, 2015) “Eliot Spitzer has started splitting up late father’s empire” #EstateTax #TrustsandEstates #HoustonEstatePlanning #HoustonWills #FamilyTrust #CharitableTrust