Clients want to know: What’s deductible and what’s not?
Whether you are an estate planning attorney, financial advisor, or accountant, you’ve probably seen an uptick in client questions about tax deductions–and tax rules in general–over the last few years. Tax law changes at the end of 2017 have caused much ongoing taxpayer confusion. To be sure, your clients will be asking about charitable tax deductions […]
Relief from catch-up requirements: More money for charitable giving?
Legislation known as SECURE 2.0 contained a dizzying array of changes to the laws governing retirement plans. Passed at the end of 2022, SECURE 2.0 is 130 pages long; overall, its purpose is to encourage more retirement savings through vehicles like employer-sponsored 401(k) plans. Lately, the buzz around SECURE 2.0 has been focused on a […]
Rethinking inherited IRAs
As you build your estate plan and consider how to provide for your adult children, keep in mind that naming children as the beneficiary of an IRA or other qualified plan probably is not something that should be automatic. For starters, if you are charitably minded and have other assets, such as highly appreciated stock, […]
Legacy giving: A conversation that’s full of opportunity
August is National Make-A-Will Month. This means your clients may be reading articles and hearing about estate planning more this month than usual, which makes the next few weeks a perfect time to prompt your clients to review their estate plans–or get their wills and trusts in order if they haven’t done so yet. Charitable […]
Recognition or anonymity: Which one’s for you?
The FM Area Foundation is committed to working with you and your family to fulfill your charitable goals, whether those goals relate to making an impact, leaving a legacy, saving money on taxes, expressing gratitude, or a combination of objectives. Suppose you have not yet established a fund at the community foundation (even if you […]
Unlock the unexpected power of regret to grow your charitable giving
Did you know the FM Area Foundation provides “regret mitigation” services? We’re only half kidding! Not surprisingly, financial regrets are common, with those related to personal finances among the most frequent. Of recently surveyed American retirees, 75% wished they’d started saving earlier, and 62% wished they’d saved more money for their golden years. On the […]
Bridging the gaps in multi-generational family philanthropy
Differing views within families are nothing new; differing views about nearly anything and everything is centuries old. For generations and generations, common topics of disagreement have included popular culture, politics, religion, and parenting, just to name a few. Frequently outranking all is money—how it’s made, spent, or saved—or not. How benevolent families share money, whether […]
Back to basics: Reminding clients about wills, trusts, and charitable bequests
August is national Make a Will Month, and the publicity surrounding this designation may prompt your clients to ask you about whether their affairs are in good order. Of course, making sure a client has established an estate plan and executed corresponding legal documents is a priority for any attorney, accountant, or financial advisor who […]