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Charitiable giving delayed is not charitable giving denied

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This Year's Most Generous Billionaire Philanthropist Has Been Dead Since 2006

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Charitiable giving delayed is not charitable giving denied

  1. 1. Charitable Giving Delayed Is NotCharitable Giving DeniedThis Years Most Generous Billionaire Philanthropist Has Been Dead Since 2006 Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC
  2. 2.  To receive top honors in the Chronicle of Philanthropy’s list of America’s 50 most generous donors is an impressive achievement, and it’s even more impressive to do this from five years beyond the grave. But as of 2011, five years after her death in 2006, that’s what the late Margaret Cagill has done. A recent article in Forbes described what happened. As it turns out, the way Ms. Cagill achieved such high posthumous honors for her philanthropy involves some fairly intricate estate planning and financial arrangements, plus a quirk of stock ownership. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  3. 3.  Cargill was the heir to a massive fortune from the agribusiness company of the same name. The Cargill Company topped the list of America’s largest privately-owned companies for almost a quarter-century. In her will, Ms. Cargill left all of her shares of the company to be divided between two charities, the Anne Ray Charitable Trust and her own Margaret A. Cargill Foundation. But because Cargill is privately-owned, its stock is more difficult to evaluate and liquidate than the stock of a publicly-traded company. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  4. 4.  For that reason, the beneficiaries didn’t receive the value of this stock until Cargill sold its shares in another company, which gave the charitable trust and the charitable foundation the opportunity to exchange their shares of Cargill stock for those of the other company, which could be traded on the stock exchange. This exchange netted the two charitable organizations the combined sum of $6 billion, and won Ms. Cargill her top billing as 2011’s most generous philanthropist. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  5. 5.  While most people are not in a position to make donations on this scale, the same principles can apply to smaller holdings and make a difference for NY estate planning, charitable giving, and New York asset protection. A bequest that takes the form of shares of a privately-owned company can be difficult to realize in monetary terms. Nor do all beneficiaries have the time and resources to make the most of such a gift as Ms. Cargill’s two charitable beneficiaries did. All of these are considerations that should be kept in mind for estate planning purposes. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  6. 6. Law Office of David Parker Estate Planning and Elder Law  www.parkertrustlaw.com

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