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Donor Privacy: Ongoing Concern For a Common Client Priority

In an era of social media and intense polarization of rhetoric, it’s no wonder so many charitable individuals and families choose to give to their favorite causes anonymously. And, bolstered by the United States Supreme Court’s decision in favor of donor privacy (affirming a position advocated by parties across the political spectrum), this trend is likely to continue.  At the FM Area Foundation,…

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“501(c) what?”: Sorting through jargon to determine deductibility

When tax season rolls around each spring, a new crop of questions may arise concerning clients’ gifts to various organizations and whether those donations qualify as tax-deductible charitable contributions. Keep in mind that Section 501(c) of the Internal Revenue Code lays out the requirements for organizations to be considered tax-exempt--a status for which an organization must seek IRS approval…

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IRAs, Field-of-Interest Funds, and Designated Funds: Don't Overlook These Powerful Tools

Designated funds and field-of-interest funds may not always be top of mind when you are developing philanthropy plans for your clients and their families, but they are extremely valuable tools in certain circumstances and it’s important to be aware of what the terms mean. A field-of-interest fund at the FM Area Foundation is established by your client for a charitable purpose described by your cl…

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“If not 501(c), then what?”: Cautioning Clients About Crowdfunding

What if your clients make donations to entities that don’t fall under a specific section of the Internal Revenue Code, but feel “charitable” nonetheless because the dollars are helping people in need? Perhaps a client has helped set up a dedicated account at a bank to provide scholarships to the children of an accident victim, or even participated in a GoFundMe fundraiser to help a specific family…

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Donor Advised Funds: Working hard for our community

Donor-advised funds are a popular charitable giving tool. And right now is a perfect time to evaluate this planning strategy for your clients. In recent years, donor-advised funds have been one of the fastest-growing philanthropic planning tools in the marketplace. Donor-advised funds are popular because they allow an individual or family to make a tax-deductible transfer that qualifies as a char…

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Important Reminders: QCDs and CLATs

In today’s market conditions, we want to highlight the unique importance of Qualified Charitable Distributions (QCDs) and Charitable Lead Annuity Trusts (CLATs). Given the critical needs facing our community right now, the team at the FM Area Foundation wants to reiterate the value of these two planning tools. Please contact us if you have any questions about how these charitable giving techniqu…

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Creative Solutions

As your clients gear up for another year of giving, how can you help them make the most of their good intentions? Consider helping clients plan their charitable giving budgets around three points—amount, timing, and category. How much? That’s the $64 question. Likely more, depending on the client's budget. Something for clients to keep in mind when setting a budget for supporting favorite cause…

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Corporate Philanthropists Get Relief from SALT Cap on Charitable Donations

Businesses frequently make cash donations to charitable organizations. But what happens to the deductibility of those donations under the state and local tax limitations imposed by the 2017 tax law? This issue continues to be the subject of discussion, but your business clients should be encouraged by the IRS’s commentary. The IRS has taken the position that a business taxpayer can usually deduct …

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Giving Season with a Family Philanthropy Refresher

If you’re like most advisors today, you’re seeing an uptick in clients’ questions about charitable giving techniques that go beyond the nuts and bolts of tax law. Attorneys, accountants, and financial advisors hold trusted positions with philanthropic families to offer not only suggestions for tax planning in support of favorite causes, but also to be aware of perspectives that will make the chari…

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IRA Charitable Rollover Distribution to Create a Designated or Scholarship Fund

When available, donations from IRAs are one of the best charitable giving tools after tax reform. They completely avoid the standard deduction and give the donor a full dollar-for-dollar benefit. For federal tax purposes, qualified distributions up to $100K from an IRA made directly to charitable organizations are excluded from the owner’s gross income, if the distributions are made on or after t…

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