Michael Sampson Quoted in Twin Cities Business Magazine Article on Federal and State Tax Law Changes and the Effect on Charitable Giving
April 1, 2014
Michael Sampson, special counsel in Maslon's Estate Planning Group, is quoted in a March 24, 2014, article for Twin Cities Business magazine titled, "Recent Changes Are Making Charitable Giving More Personal." The article examines whether new MN tax laws, new donor priorities, and new tools for charitable giving will change philanthropy and wealth management among affluent Minnesotans.
In the article, Michael shares that clients are becoming much more thoughtful about how much is the right amount to leave to their kids. “That greatly simplifies estate planning,” he stated, also noting that he believes people choose that path because they like the example set by Warren Buffett, who said some years back that the right amount to leave your children is enough that they feel they can do anything, but not so much that they do nothing.
The article reports that changes to federal income taxes could also have a positive effect on giving, asserting that with certain high income tax-payers being charged a surcharge for unearned income, making a charitable donation may be even more important. Michael adds that increasingly "income taxes are becoming a bigger part of his practice," noting that "estate planning attorneys have always had to focus on income taxes a little bit … but they're really becoming a bigger part of the wealth transfer planning conversation now, in part because for many clients the estate tax is simply irrelevant."
To read the full article online, go to Twin Cities Business: Recent Changes Are Making Charitable Giving More Personal.
Michael Sampson is special counsel in Maslon’s Estate Planning Practice Group. His legal practice focuses on high-end estate and tax planning, estate and trust administration, charitable planning, and business succession planning. Michael helps his clients focus on what it is they really want to accomplish with their wealth. After assisting his clients in identifying their specific wealth planning goals, Michael works with them and their other professional advisors to develop and implement wealth transfer strategies that are consistent not only with their goals, but also with their cash flow needs and tolerance for risk.