Ten Tips for Protecting Private Foundation Benefits
The end of the year means a drastic increase in philanthropic gifting. If any of your clients are considering charitable gifts this month through a private foundation, here are 10 precautions to advise them about: Article here.Ten Ways to Prevent Affluenza
More here: As with lottery winners and athletes who are in danger of spending significant portions of their new-found wealth in an instant, children who were raised with wealth must be properly prepared to handle affluence and their inheritance wisely Older...Six Ways Millennials Are Changing Charitable Giving
Millennials care more about others than you might think. The 2015 Millennial Impact Report found that 84 percent of millennials made a charitable contribution in 2015.The truth is, millennials do care about things other than themselves, and they’re willing to...No Charitable Deduction for Incomplete Gift
Six Tests for Charitable DeductionSales for less than fair market value (FMV) to charities are deductible as the spread between FMV and amount realized.2 An Internal Revenue Code charitable deduction is permissible if six tests are met under Goldstein v....How Boomers Are Redefining ‘Legacy’
Some families construct a legacy of memories and real estate, say by buying a vacation property that is held in a trust or other structure so it is equally owned by all heirs. “That keeps it intact for at least another generation and ensures that it is not...“Estate Planning” Needs an Extreme Makeover
Great article. Personally, I call my practice “family protection” law and the author appears to be on the same page as me. In its most fundamental state, estate planning should support the family (or the individual) first, and thereafter concern...Pushing Wealth Transfer Plans Into The 21st Century
Among affluent families, the disconnect between what their current wealth transfer planning does, and what they want their planning to do, is staggering. While 75 percent of wealthy parents say it’s important to leave an inheritance to the next generation, only...Is It Never or Now?
And for those with qualified retirement plans, it may be time to seriously consider charitable remainder unitrust (CRUT) planning. In the case of qualified long-term appreciated property, outright gifts can be used to offset other taxable income, while bypassing the...College student dies days after pancake-eating contest
Tragic, tear-jerking story — but try as they might to cast her untimely death in the heroic cloth of charitable enterprise, there remains something embarrassing about dying while stuffing your mouth full of pancakes. Apparently according to the updated...Make GRAT Payments to Avoid Subjecting Assets to Gift Tax
A GRAT must be drafted to comply with the requirements set forth in the applicable Treasury Regulations under Section 2702. Unfortunately, the regulations don’t resolve all issues, such as whether there’s a minimum or maximum term for a GRAT, or whether a GRAT...Key Considerations for Preparing a Family Legacy Plan
Over the next 20 years, $30 trillion dollars could be transferred from the current generation to the next, making now a critical time for advisors to discuss multigenerational planning with high net worth clients. Along with planning for the financial...Charitable Divorce Planning?
Charitable planning coordinated with dissolution planning merits serious examination. The work involved is well worth the effort to assure divorcing parties have maximized the use of all marital assets in a tax-efficient manner. The four techniques are...Risk and Philanthropy Go Hand-in-Hand
Risk is the likelihood of an undesirable outcome. Every action includes an element of risk.Philanthropy is no exception to this rule. In fact, charitable donations—because they seek to solve seemingly intractable problems—are often referred to as society’s...Who Gives to Charity and Why
Over 2,300 years ago, Aristotle commented on the challenges one faces when considering how to make larger charitable gifts:To give away money is an easy matter and in anyone’s power, but to decide to whom to give it, how much to give, when to give, and to give for the...Is a donor-advised fund right for you?
DAF pros and cons Here are the advantages and disadvantages of using a DAF: Immediate tax deduction. Your contribution to the DAF is deductible in the tax year in which the initial contribution is made. You don’t have to wait until the fund makes distributions...The Other Reasons For Estate Planning
Good discussion of incentive trust planning: Many subjects that serve as substantial planning motivators aren’t found on client questionnaires and are frequently absent from planning discussions. Source: The Other Reasons For Estate Planning (Well actually, we...Seven Philanthropy Trends To Expect
As with most of these wealthmanagement.com articles, watch out for the liberal slant. For example, in highlighting increased funding for “constitutional rights” there is mention of “privacy” and “separation of church and...Top 10 Expectations for Nonprofits, Charities and Donors
Some good advice here, but the apparent SJW author who included a plug for Planned Parenthood would do well to follow his own advice and consider millennials, who now are moving away from abortion. Transparency and technology are at the forefront. Source: Top...Marijuana causes schizophrenia, heart attacks, and firearm prohibition
And don’t forget it also bars you from possessing a firearm, under at least federal law. Marijuana does raise the risk of getting schizophrenia and triggers heart attacks, according to the most significant study on the drug’s effects to date....
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