
- March 1, 2022
Winds of change and headwinds: Legislation and inflation
You’ve no doubt noticed that donor-advised funds have been featured more prominently over the last few weeks in financial and wealth management publications. That’s in part because the Accelerating Charitable Efforts Act was reintroduced in the House of Representatives on February 3, 2022. The legislation contains the same proposed law changes as the bill introduced in the Senate in July 2021, whi…
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- November 16, 2021
Trends That Inform What Your Clients Are Thinking Even If They Aren't Saying It
Hot off the press, the 2021 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households confirms that wealthy families are as committed as ever to the nonprofit sector and community causes. Of the 1,626 households surveyed with annual income of at least $200,000 or a net worth of at least $1 million (not counting a primary residence), 88% gave to at least one charity in 2020. I…
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- November 16, 2021
What Your Charitable Clients Need To Know Now About Tax Reform
Late last month, the White House released a proposed $1.75 trillion revenue package, putting to rest (at least for now) some of the uncertainty as to how sweeping tax reform could upend wealth planning strategies via changes to top marginal rates, a restructuring of the capital gains tax, and lower estate and gift tax exclusions, all of which have been heavily discussed and debated over the last s…
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- November 16, 2021
Year-End Giving: Repeat, Repeat, Repeat
It's the season for email newsletters hitting your inbox with tips for tax planning. We get it! With so much information flying around for your clients, too, we highly recommend that you cut through the noise and mention three key tax strategies to your clients at least twice, and ideally three times, before late December: Don’t let clients miss out on the few provisions of the 2020 Coronaviru…
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- September 20, 2021
Planned Giving Starts Now: Tips and Talking Points for Lifetime Charitable Gifts
According to 2020 statistics released in June 2021 as part of the Giving USA report, Americans’ bequests to charity totaled nearly $42 billion last year. That’s a tremendous amount of charitable giving flowing to community organizations from donors after they die. Still, it’s a fraction of the $324 billion Giving USA reports was given to charities in 2020 by living individuals. As you work w…
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- September 20, 2021
These Three Factors Are a Big Deal in Gifts of S Corp Stock to Charity
S Corporation, or limited liability company? That’s a question many family businesses grapple with in their formative stages. For years, S Corporations were frequently preferred for small businesses that wanted the protection of a corporate structure versus a traditional partnership. In the 1990s, limited liability companies, or LLCs, rose in popularity because they offered both favorable tax trea…
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- September 17, 2021
Proposed Legislation: What's In It For Giving?
The nonpartisan Joint Committee on Taxation’s report issued just a few days ago is already creating a buzz among attorneys, accountants, and financial advisors who provide charitable planning advice to their clients. Here are four considerations as you navigate the weeks ahead and prepare for the possibility that the legislation may become law. Take advantage of the AGI limitations suspended …
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- September 17, 2021
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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- June 9, 2021
“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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- June 2, 2021
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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