Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Thursday, June 7, 2012

New Technology To Meet New Demands and Family Endowments

IRS 2This article was divided into three different sections and so I will discuss each one separately.

A new technology allows taxpayers the ability to track their whereabouts through the GPS on their phone. This service is called Monaeo, and not only will it track a person's movement it will send the information it collects to the IRS. The service tracks a person using several different technologies. It uses GPS, cell triangulation, and WiFi. In addition, the service can provide a person with important notifications, such as when that person is getting close to satisfying the residence requirement of one state.

Technology has also given its user the ability to check prices and the value of other commodities. In this case, ArtNet developed a database that gives an art owner the ability to determine the value of their artwork.

On a different note, the size of family endowments has still not recovered from the recession of 2008. According to Foundation Source, even though the families of these endowments have lost money, the families are still investing in their causes by adding capital to their charities. 

See Richard C. Morais, Taxman Tracking, Art Indices, and Family Endowments, Barron's, May 29, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2012/06/new-technology-to-meet-new-demands-and-family-endowments.html

Income Tax, Non-Probate Assets, Technology | Permalink

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