Category Archives: Charitable Giving
What Qualifies as a Qualified Charitable Distribution?
Qualified charitable distributions allow individual retirement holders to divert some of their federally taxable required distributions to charity, reports a recent article “A tax break for retirees is back. Here’s how to use it–and what to avoid,” from The Washington Post. Known as QCDs, they were not a big deal until 2017, when a… Read More »
Can a Charity Be a Beneficiary of an Estate?
The interest in charitable giving increased in 2020 for two reasons. One was a dramatic increase in need as a result of the COVID pandemic, reports The Tax Advisor’s article “Charitable income tax deductions for trusts and estates.” The other was more pragmatic from a tax planning perspective. The CARES Act increased the amounts… Read More »
How Does a Charitable Trust Work?
A charitable trust can provide an alternative to meeting your wishes for charities and your loved ones, while serving to minimize tax liabilities. There are pros and cons to consider, according to a recent article titled “Here’s how to create a charitable trust as part of an estate plan” from CNBC. Many families are… Read More »
Will I Get A Bill as My Inheritance?
When someone dies and leaves debts, you may ask if you have any personal liability to pay them. The answer is typically no, even though those debts don’t automatically disappear. However, there are situations in which you may have to address issues with a loved one’s creditors after they are gone, says KAKE’s recent… Read More »
Preparing Children for Inheritances in the Future
Almost three quarters of the wealthiest people in the world—those whose net worth is higher than $30 million—are self-made, according to a Wealth-X report. Look closer into the world’s wealthiest, and only about a quarter have a combination of inherited and self-made money, while only 8.5% inherited their wealth. Transferring wealth and having it… Read More »
How a Charitable Remainder Trust Works
The least popular beneficiary is almost always the federal government. Most people are concerned that their estate will need to pay taxes and do what they can through estate planning to keep federal (and state) estate tax liability to a minimum. However, with federal estate and gift tax exemptions at $11.58 million per person… Read More »
How Can I Add Charitable Giving to My Estate Planning?
One way many people decide to give to charity, is to donate when they pass away. Adding charitable giving into an estate plan is great way to support a favorite cause. When researching this approach, you can easily become overwhelmed by all of the tax laws and pitfalls that can make including charitable gifts… Read More »