At the end of 2019, President Trump signed the SECURE Act. The SECURE Act changed rules governing inherited Individual Retirement Accounts (IRAs) and other qualified plan distributions. The legislation marks the most substantial change to various retirement accounts in many years, and requires you to rethink who you name as account beneficiaries who might inherit your account or accounts.…read more »
Donors over age 70 ½ might be interested in making a Qualified Charitable Distribution (QCD) from their IRA. That’s understandable. A QCD allows taxpayers age 70 ½ or older to exclude up to $100,000 from their taxable income each year. This has the benefit of reducing adjusted gross income (AGI). Qualified Charitable Distributions also count towards the annual required minimum …read more »
If you read the popular press, you’ve probably read or seen headlines about the “bunching” strategy. This strategy has become increasingly popular as people adjust to the new standard deduction, which was doubled for tax years beginning with 2018. It’s a strategy that might be of particular interest if you are charitable and seek income tax minimization (don’t we all).…read more »
When formulating your estate, gift and income tax plan, first and foremost define your goals. If one goal is furthering your philanthropy, any of three broad planning categories, each with its own set of techniques and vehicles, are available to achieve a combination of your charitable, tax, and other financial goals.
The three broad categories of charitable planning techniques are …read more »
What if you would like to benefit charity, but the need for an income stream makes you hesitant to part with assets you might otherwise give?
Two charitable techniques are available that may meet your needs. One is a charitable gift annuity (CGA). The second is a charitable remainder trust (CRT). My previous post discussed CGAs. This post discusses …read more »
Once again, year-end has snuck up upon many of us. And this year, your approach to year-end philanthropy may change from previous years as a result of the 2017 tax overhaul.
Of course, many of the same year-end considerations continue to apply. Don’t despair. By acting quickly, time remains for some effective year-end giving.
The New Law’s Impact
Among the …read more »
What if you would like to benefit charity, but because you need the income stream they provide you aren’t comfortable parting with your assets? Two charitable techniques are available that may meet your needs. One is a charitable gift annuity (CGA). The second is a charitable remainder trust (CRT). This post discusses Charitable gift annuities; check back next month for …read more »
By now, pretty much everyone is familiar with the virtual currency phenomena, especially Bitcoin. Bitcoin (as well as other virtual currencies) is well on its way to general acceptance. But, as is the case with every new financial concept, the tax treatment of virtual currency is still far from certain.
This uncertainty is glaringly evident in the case of virtual …read more »
In previous posts (part one and part two), we discussed how to terminate a charitable remainder trust prior to end of the trust term explicitly set forth in the trust agreement. This post goes back to explore the bare-bone basics of charitable remainder trusts (CRTs).
Why use a CRT? In most cases, donors chose to use charitable remainder …read more »
There are many methods and platforms for carrying-out your charitable giving. Simplest, of course, is a direct cash gift to a charity of your choosing. More complex charitable giving usually involves an “intermediate” charitable vehicle as part of your charitable giving plan.
Common charitable vehicles are charitable remainder trusts, charitable lead trusts, private foundations and supporting organizations. In recent years, …read more »