Category Archives: Charitable Trust
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 »
Stretch Out IRA Distributions, Even Without ‘Stretch’ IRA
It’s sad but true: the SECURE Act took away the long lifetime stretch that so many IRA heirs enjoyed. It was a great efficiency tool for family wealth transfer, but there are ways to fill the gap. A recent article “3 Strategies That Dry Your Stretch IRA Tears” from InsuranceNewsNet.com explains what to do… Read More »
How Can I Protect Assets from Creditors?
Forbes’ recent article entitled “Three Estate Planning Techniques That Protect Your Assets From Creditors” explains that the key to knowing if your assets might be susceptible to attachment in litigation is the fraudulent conveyance laws. These laws make a transfer void, if there’s explicit or constructive fraud during the transfer. Explicit fraud is when… 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 »
Don’t Shrink Your Estate with Last Minute Tax Planning
In the best-case scenario, you’d start talking with your estate planning attorney early on about your overall goals and the various tools available to minimize tax liability and transfer wealth to the next generation. Whether your estate is modest or significant, the article “A Recipe for Risk—Last-Minute Tax Planning for Estates” from The Legal… 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 »