On December 22, 2017, President Trump signed a bill that makes huge changes to the American tax system—including the estate and gift tax. As of 2018, individuals can give away up to $11.2 million free of estate and gift tax, and couples can combine that to give away up to $22.4 million!…
Last week, the New York Times reported that Prince’s sister filed a Petition in probate court in Minnesota that stated that no Will had been found for Prince’s estate.
The Petition asked the court to appoint a regional bank as the administrator of Prince’s estate, and…
In last week’s end of the year budget bill, Congress made permanent the qualified charitable rollover distribution. This lets individuals who are 70 1/2 or older donate up to $100,000 a year directly from their IRA to qualified charities. By doing so, donors can reduce their taxable…
As the year draws to a close, now is the time to consider making charitable gifts, both because it’s a good thing to do and because year-end charitable gifts will provide tax deductions.
In addition to the time-tested check writing method, here are three other ways that you can give…
Late in the year, and at the last minute, on December 16, 2014, Congress has extended the ability of those over 70 1/2 to make direct charitable donations from their IRA’s of up to $100,000, as long as they haven’t already taken out the required minimum distribution for 2014 and…
As 2014 draws to a close, many of our clients are thinking about making annual gifts to charities. The IRS has just posted a handy article with six tips to keep in mind to make sure that you can claim an income tax deduction for the gift. Here’s a summary:
1. Qualified charities. Make…
Today, the federal estate tax exemption is $5.34 million, and this number is indexed to inflation, so will rise over time. I was recently at the Stanford University and the Silicon Valley Community Foundation’s annual Conference on Charitable Giving, and heard that the White…
If you are considering making a gift to charity in your estate plan, own assets that have appreciated significantly, and would like to get a current income tax deduction, please talk to us about establishing a Charitable Remainder Trust (CRT).
A CRT doesn’t have to be complicated to…
