If charitable giving is high on your objectives list for your estate plan, one option to consider is using a donor-advised fund (DAF). Indeed, DAFs have been steadily growing in popularity in recent years....more
After your retirement, or if you’re retiring soon, you may be more inclined to make donations to charity. However, you may receive little or no tax benefit from your contribution, depending on whether you itemize deductions....more
Are you inclined to help a charity for a period of time without ultimately giving up the property? Consider the benefits of a charitable lead trust (CLT). This type of trust is essentially the opposite of the charitable...more
An art collection is a special asset to account for in an estate plan -
It goes without saying that your art collection, including paintings, sculptures and other pieces of art, can represent a significant portion of your...more
A unique provision in the tax code allows certain transfers, made directly from a traditional IRA to a qualified charitable organization, to avoid taxation. Although this benefit of a qualified charitable distribution (QCD)...more
12/7/2020
/ Alternative Minimum Tax ,
Charitable Donations ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Itemized Deductions ,
Qualified Charitable Distributions ,
Required Minimum Distributions ,
SECURE Act ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions
Many individuals incorporate charitable giving into their estate plans, providing assistance to their favorite charities while preserving sufficient assets for their heirs. Typically, the charitable donations are structured...more
If you’re making sizeable donations to charity as part of your estate plan, your good intentions are clear. But how do you know the funds will be used to further the charity’s mission? There are no absolute guarantees...more
Charitable remainder trusts (CRTs) have been around for decades, and they continue to be a viable estate planning strategy in the wake of the Tax Cuts and Jobs Act and other recent tax legislation. This article details how a...more
The Tax Cuts and Jobs Act (TCJA) will have a significant impact on estate planning and related aspects, such as charitable giving. Even though the TCJA reduces tax incentives for making charitable donations for some people,...more
7/31/2018
/ Charitable Donations ,
Charitable Remainder Trust ,
Charitable Rollover ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Gifts ,
Securities ,
Standard Deduction ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Incentives
In This Issue:
- Charitable giving in a post-TCJA world: What you need to know in the wake of the new tax law
- Understanding the contents of a will
- Should a tax apportionment clause be in your estate plan?
- ESTATE...more
For those age 70½ or older who plan to make charitable donations this year, qualified charitable distributions from an IRA, also known as charitable IRA rollovers, can provide significant tax benefits. This article details...more
Those who make sizable gifts to charitable causes can realize personal rewards from their generosity and claim a deduction on their tax returns. One drawback is that, once the money or assets are contributed, they generally...more
As the end of the year approaches, many may begin thinking about making gifts to qualified charitable organizations as a way to reduce potential estate and income tax liability while supporting a worthy cause. This brief...more
In This Issue:
- 6 estate planning techniques for blended families
- If it’s broken, fix it! Trusts that no longer achieve their objective can be repaired
- Preparing for a new year: Take time now for a quick...more
Valuable works of art may be ideal candidates for charitable donation. Generally, it’s advantageous to donate appreciated property to avoid capital gains taxes. Because the top capital gains rate for art and other...more
Qualifying for a charitable deduction is, in some respects, a matter of form over substance. The IRS could disallow a deduction, even if it’s otherwise legitimate, if the donor fails to follow the substantiation requirements...more