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
“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 […]
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
“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, […]
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 […]
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 […]
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 […]
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
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 […]
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 […]