Tag: Charitable Donations

Charitable Organizations, Trusts & Estates

New Opportunities for Charitable Gift Annuities

Written by Justin Farrell and David Wheeler Newman The Secure Act 2.0, signed by the President on December 29, opens new opportunities to fund charitable gifts with IRA distributions. The first change is to index for inflation the cap on qualified charitable distributions (QCDs) from IRAs to charity, which has been stuck at $100,000 since the “IRA rollover” was first introduced. (Indexing begins in 2024.) … Continue reading New Opportunities for Charitable Gift Annuities

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Charitable Organizations, Trusts, Trusts & Estates

Administration Proposal Would Negatively Affect Tax Benefits of Charitable Remainder Trusts

Written by David Wheeler Newman Since its introduction into the Internal Revenue Code in 1969, the charitable remainder trust has been the “Swiss Army Knife” for charitable gift, financial and estate planners because of its flexible features that allow a balancing of financial planning or estate planning objectives with philanthropic objectives.  Those features include two CRT tax benefits provided in the Code – the charitable … Continue reading Administration Proposal Would Negatively Affect Tax Benefits of Charitable Remainder Trusts

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Charitable Organizations, COVID-19, Estate Planning, Trusts & Estates

Is this the Golden Age of CLATs?

Written by David Wheeler Newman and  Daniel Cousineau

The charitable lead trust has always been a powerful vehicle to balance philanthropic and estate planning objectives.  The recent convergence of two factors that are critically important in the planning dynamic for charitable lead annuity trusts (CLATs) create a planning environment that is so favorable for CLATs, it is no exaggeration to suggest that the current period may be the golden age of CLATs, presenting a very interesting planning opportunity for wealthy families.  But that opportunity is temporary, since the convergence of these factors is unlikely to continue for very long. Continue reading “Is this the Golden Age of CLATs?”

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COVID-19, Tax

Charitable Contributions Show You CARE

CARES Act Tax Benefits for Charitable Contributions

Written by David Wheeler Newman

The CAREs Act – the recently enacted gigantic economic stimulus bill – contains two provisions designed to boost charitable giving with enhanced tax benefits.  One provision will provide tax savings to donors making more modest gifts, while the other will benefit donors writing big checks. Continue reading “Charitable Contributions Show You CARE”

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Tax

Tax Act Enhances Deductibility of Disaster Relief Donations for a Limited Time Only

Auction concept - judges gavel against us dollar background.
Photo Credit: istock.com/alfexe

Written by David Wheeler Newman

Tax legislation that was included in the massive spending bill signed by the President included provisions affecting the charitable sector.  We previously reported on one provision that will be welcomed across the sector.  Another provision will be good news for donors making charitable contributions for disaster relief.

The Taxpayer Certainty and Disaster Relief Tax Act signed into law on December 20 includes various tax provisions intended to mitigate a portion of the enormous financial cost of recent hurricanes, tornadoes, forest fires, earthquakes and other natural disasters.  Included was an enhanced tax benefit for donors making charitable contributions to organizations providing disaster relief.

Continue reading “Tax Act Enhances Deductibility of Disaster Relief Donations for a Limited Time Only”

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