The SECURE Act has deferred the time when mandatory withdrawals must be taken from IRA accounts. Still, Qualified Charitable Distributions may be made beginning with the account holder’s age 70 1/2.
Sarah Weaver of the Central Indiana Community Foundation shares insights into charitable gift planning and donor-advised funds.
Thanks to the Tax Cuts and Jobs Act of 2017, the use of donor-advised funds is soaring. These arrangements make it possible for donors to enjoy tax deductions now, but make specific distribution decisions later.
2021 happens to be an especially good year for charitable planning. Two tax breaks first signed into law last year are available once again this year.
The new administration has proposed many changes to income tax and transfer taxes. Clients whould consider implementing certain strategies now, before those changes take effect.
The incoming administration has revealed a plan to repeal the step-up in bases at death. Learn about adjusting estate planning strategies to fit a potential no-step-up reality..
Estate planning has “gotten a raise’ in terms of the increased estate and gift tax exemption, but even more important, the effects of the pandemic has focused attention on the need – the needs of family members, and the needs of charitable organizations.
Our tax laws serve as good matchmakers, helping magic happen when your favorite charities and your IRAs “meet”.
2020 year end planning may offer some not-to-be repeated opportunities to take advantage of current low income tax rates and CARES Act provisions.
Post the SECURE Act, charitable deductions can make an even bigger difference to both charities and taxpayers.