Translation. Among the Treasury’s 224-page “Green Book” proposals that would affect federal income, gift and estate taxes, I highlight two among the charitable proposals: (1) Charitable Lead Annuity Trusts (CLATs), and (2) Private Foundation transfers to Donor Advised Funds.

First, what’s the “Green Book?” It’s the U.S. Treasury’s explanation of the tax proposals in the Biden Administration’s FY 2024 budget. Treasury Green Books have been issued annually by recent Administrations except for the preceding Administration.