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Family Trust Donation

  • 1.  Family Trust Donation

    Posted 25 days ago
    Hi all,
    We have a donor who sent us a check from his deceased mother's trust which he is the beneficiary of.  Would we open a record for the family trust and soft credit the son?
    Thank you,
    Tammy

    ------------------------------
    Tammy Cline
    Asst Director of Advancement Svcs
    The West Point Association of Graduates
    tammy.cline@WPAOG.ORG
    ------------------------------


  • 2.  RE: Family Trust Donation

    Posted 25 days ago
    I'd want to see the trust document.  I'd first make certain this wasn't a specific bequest from the mother, with the donor acting on her behalf.

    But if this is more or less a personal checking account and all of the funds now "belong" to the donor and it's not a legal trust, I probably would record the gift from the individual rather than create a new record.  I'd change my opinion, though, if this were a legally registered trust with trustees who determine beneficiaries over time.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 3.  RE: Family Trust Donation

    Posted 25 days ago

    Thank you, John.  This is very helpful.

     

    Tammy M. Cline

    Assistant Director, Advancement Services

    West Point Association of Graduates

    698 Mills Road West Point, NY 10996  | 845.446.1540  |  WestPointAOG.org

     

    Serving West Point and the Long Gray Line

     

    CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

     






  • 4.  RE: Family Trust Donation

    Posted 25 days ago

    One more question, the money in the trust does belong to the donor.  Since the money is coming from a trust account does the individual donor receive the tax credit?

     

    Tammy M. Cline

    Assistant Director, Advancement Services

    West Point Association of Graduates

    698 Mills Road West Point, NY 10996  | 845.446.1540  |  WestPointAOG.org

     

    Serving West Point and the Long Gray Line

     

    CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

     






  • 5.  RE: Family Trust Donation

    Posted 25 days ago
    This harkens back to needing to see the trust document.  It might be "hers to spend" but not her inheritance.  I don't think you can guess on this one.

    If you don't know for certain and they won't share, then I would create a record in the name of the trust exactly as it's listed and issue a receipt in that name.  If they want something different then they will have to demonstrate who "owns" the money.

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987







  • 6.  RE: Family Trust Donation

    Posted 25 days ago

    Ahh, got it. Thank you!

     

    Tammy M. Cline

    Assistant Director, Advancement Services

    West Point Association of Graduates

    698 Mills Road West Point, NY 10996  | 845.446.1540  |  WestPointAOG.org

     

    Serving West Point and the Long Gray Line

     

    CONFIDENTIALITY NOTICE: The information contained in this email message and any attachments is confidential and the property of West Point Association of Graduates (WPAOG). This message is intended for viewing and use by the original recipients only. Any dissemination, distribution, or copying of this communication and/or its attachments is prohibited without the sender's written permission. WPAOG does not accept liability for changes to this message after it was sent or privacy violations caused by forwarding to additional parties. If you have received this communication in error, please notify the sender and delete this email from your computer. For additional information please refer to the privacy statement available at WestPointAOG.org.

     






  • 7.  RE: Family Trust Donation

    Posted 24 days ago
    Hi, John.

    I have a related question: If it were a legally registered trust with trustees who determine beneficiaries over time, should the trustees have constituent records and receive soft credit for the gifts?

    ------------------------------
    Jeannie Goings
    Scripps College
    jgoings@scrippscollege.edu
    ------------------------------



  • 8.  RE: Family Trust Donation

    Posted 24 days ago
    Not always.  I typically would not unless you know that one or some of those trustees made the gift happen - that you would not have received the gift without their direct influence.

    I would follow your standard recognition policies that define when and who normally receives soft credit.  Bein a trustee - or a CEO of a company that makes a donation to you - does not mean they automatically get credit.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987







  • 9.  RE: Family Trust Donation

    Posted 19 days ago
    As always, excellent advice. Thanks, John. ��
    Jeannie