pexels-rodnae-productions-5637736.jpg

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…

Read More
pexels-alexander-suhorucov-6457577.jpg

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…

Read More
pexels-andrea-piacquadio-3811807.jpg

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 …

Read More
pexels-cheda-stankovic-3379232.jpg

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,…

Read More
Two Girls Camping.jpg

“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…

Read More
Volunteers.jpg

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…

Read More
Crowd.jpg

“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…

Read More
pexels-adrianna-calvo-17679.jpg

Back to Basics: Retirement Plans and Life Insurance Can Fuel Meaningful Bequests

Your client’s fund at the FM Area Foundation can be an ideal recipient of estate gifts through a will or trust, or through a beneficiary designation on a qualified retirement plan or life insurance policy.  Bequests of qualified retirement plans can be extremely tax-efficient. This is because charitable organizations, such as the FM Area Foundation are tax-exempt. This means, the funds flowing di…

Read More
pexels-andrea-piacquadio-3823488.jpg

Keeping Our Community Strong: Your Role is Critical

COVID-19 has significantly impacted nonprofit operations across the country and hampered nonprofits’ ability to help their communities during a crisis in which millions of people are in need. The National Council of Nonprofits reports widespread damage to nonprofits’ programs, services, supplies, staffs, and budgets due to the pandemic and current economic challenges. This means, nonprofits need p…

Read More
pexels-august-de-richelieu-4259140.jpg

Beyond the Tax Deductions: Selecting a Vehicle to Celebrate and Support a Family's Culture of Philanthropy

For many donors, the importance of a multi-generational family philanthropy plan is high on the radar, especially in the wake of 2020’s eye-opening events highlighting the importance of rallying around important social and community priorities. How do you know when a client’s family is a strong candidate for more formal philanthropic planning, beyond simply budgeting for annual gifts to charity? …

Read More