May 3, 2001
Private Foundations and Estate Tax
To the Editor:
Little attention has been given to the economic impact that eliminating the estate tax would have on the future creation of private foundations and the consequences for charities in general.
A generation-skipping transfer tax was enacted in 1986 to avoid the use of a favorite tool of estate planners: trusts that could last for several generations, during which time trust assets would be exempt from death taxes.
Recently, however, a number of states have
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