Posts tagged Charitable Planning
Happiness, Purposeful Planning, and Family Meetings - Notes from the NPGC Annual Seminar

I spent much of last week at the LDS Philanthropies National Planned Giving Council’s Annual Seminar. It is a great conference where Attorneys, Accountants, Wealth Advisors, and Trust Officers from around the country gather to discuss planned giving and the best practices when advising families in regards to wealth transfer.

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Giving Smart – 7 Tips for Charitable Giving

Tis the season for giving – not only the gifts we give at Christmas, but also gifts to charity. For tax reasons, estate planning reasons, and philanthropic reasons, the end of the year is always a big time for charitable giving. Charitable giving can be a wonderful gift to the giver and the receiver. However, whether it is outright fraud or just bad management, giving can be perilous. Here are seven tips to help you give smarter.

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My Trip to the Tetons – A Beneficiary of Charity

One of the definitions of “charitable” is: “full of love and generosity.” Philanthropy can be defined as: “The effort or inclination to increase the well-being of humankind.” I am a firm believer in the benefits of philanthropy and charitable giving, not just to society as a whole, but to the giver in particular. We are taught by Peter in the New Testament: “And above all things have fervent charity among yourselves; for charity shall cover a multitude of sins.” (King James Version, 1 Peter 4:8).

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Planning for Retirement Accounts – More Senate Action on the Stretch IRA

Last year in this Blog I wrote about the efforts of Sen. Max Baucus (D-Mont.) to limit the ability of non-spouse beneficiaries of IRAs to stretch out withdrawals over their lifetime. Presently a non-spouse beneficiary can enjoy years, if not decades, of tax deferred or tax free growth on inherited IRAs (traditional or Roth). Last week, the Senate took up this cause again in relation to its efforts to fund the extension of low interest rates on student loans.

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Avoiding Tax on Capital Gains – Planning for Highly Appreciated Assets

One of the common problems we run into in transferring the family farm or ranch from one generation to the next is the problem of the income tax on capital gains. Because the assets have usually been held for a significant period of time there is often little or no tax basis. As a result, depending upon the current value of the asset the tax on capital gains could be significant. If you find yourself in this situation is there anything you can do?

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Merry Christmas

In the classic Dickens’ tale A Christmas Carol, upon hearing the ghost of his old partner Marley lament his miserable fate, the yet unchanged Scrooge says: “But you were always a good man of business, Jacob . . . .” To which Marley’s ghost cried: “Business! Mankind was my business. The common welfare was my business; charity, mercy, forbearance, and benevolence, were, all, my business. The dealings of my trade were but a drop of water in the comprehensive ocean of my business!”

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Paying it Forward

Often in estate planning the first question asked is - what will the children receive? But, I would encourage a different first question. That question would be - how much of your estate should be given to charity? In most cases the good that could be done by a charitable bequest is far greater than the importance of any gift to a child. So remember, you stand on the shoulders of giants. You have benefited from the generosity of others along the way. Pay it back by paying something forward to your church, a school, etc. Maybe even all that you have.

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