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The article provides sample language that can help bridge the gap between the donor's and charity's differing goals. Donors and philanthropic institutions in the U.S. have been encouraged to work together to bridge the gap by generating additional contributions from other donors to assist with the project and obtaining attention from the press and media. Donors and charities are advised to have a written agreement about gifts.

The Tax Reform Act of 1986 complicates tax shelter ownership by an estate. Estate ownership can still be valuable, but fiduciaries that have such interests must properly allocate tax benefits and carefully assess the relative estate and income tax implications. The relative positions of the estate, the decedent, and beneficiaries all must be closely examined. Issues considered include: distributions to surviving spouse, naming the spouse as a successor in interest, exchange or sale at death, and post-death changes to partnership interest. Previously suspended passive activity losses can generally be applied to offset non-passive and passive income in the year of the decedent's demise.

The article discusses estate planning for spouses who are not recognized (SWANs) based on marriage equality laws in U.S. states. Based on the federal Defense of Marriage Act (DOMA), marriage is the legal union between a man and a woman while the spouse should be of the opposite sex. Also discussed is gift tax, grantor retained income trusts (GRIT) and charitable remainder trust (CRT).

The article discusses the potential impact of the 2010 Small Business Lending Fund Act on the grantor retained annuity trust (GRAT), which enables an individual to bestow assets on his or her children or other beneficiaries at little or no gift or estate tax cost. The legislation requires a minimum ten-year term for all new GRAT and eliminates the ability to create a GRAT without causing a taxable gift. Individuals are encouraged to create a short-term GRAT when interest rates are low.