Crisis giving: Avoiding pitfalls
Whether you’re motivated to respond to needs created by a conflict, accident, or natural disaster, it’s human nature to want to help—especially through financial support. All too often, a tragic event occurs and is quickly publicized through news accounts or social media. Then, the dollars start rolling into a crowdfunding site like GoFundMe, Kickstarter, or […]
Get ahead of the year-end rush
Holidays and tax planning (although very different in the ways they are celebrated!) are both year-end traditions. No doubt (?) you’ve got the holidays covered, and perhaps your advisors are already helping you make sure your tax planning is in place. It’s a good idea to familiarize yourself with several important year-end charitable giving techniques […]
Charitable planning and women clients: Three mini-case studies
Women’s spending power has been in the news over the last several weeks as Taylor Swift’s and Beyonce’s tours continue to break records, and the Barbie movie still looms large. As you’ve worked with female clients over the years, you’ve likely noticed a few trends: Women frequently take on caregiving roles within a family, including caring for both their parents and […]
Spotting opportunity: Moving from a commercial fund to the FM Area Foundation
Although a donor-advised fund, which is becoming a more and more popular charitable planning tool, can be established through a national financial institution, the community foundation offers its donor-advised fund holders much broader services, more personal attention, and deeper connections to the nonprofits whose work is essential to effect positive community change. Unfortunately, many attorneys, […]
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 […]