One of the time-tested strategies in estate planning is reducing the overall size of your estate by gifting. However, when and how you gift can be just as important as whether you gift. Each person can give up to $11,000 each year to as many people as they want for any reason, the so-called "annual exclusion." By gifting early in the year rather than late in the year (like Christmas), you are effectively giving not only the $11,000 but also whatever the $11,000 earns … [Read more...]
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Charitable Giving and the Holiday Spirit
Giving is abundant during the holiday season. Each year, American consumers spend thousands of dollars on purchasing gifts for family, friends, and co-workers. For example, one year, the average shopper spent a total of $906 on gifts. In past years, due to Americans’ generosity, the Toys for Tots Campaign was able to distribute 19 million toys to 7.5 million needy children. In addition to purchasing presents for family and friends, many individuals choose to make charitable donations. Gifts … [Read more...]
Choosing Just the Right Gift
We all know from firsthand experience how important it is to choose the right gift for someone. We know that the thought we put into the gift is as important as its worth. Each of us can think back to a birthday, anniversary, or holiday when someone close to us gave us something that was truly meaningful to us because of the thoughtfulness behind it. Maybe they put together a photo album of treasured moments. Maybe they gave us a trip which opened our eyes and broadened … [Read more...]
A New Way to Give
Have you wanted to make a gift to your alma mater or church but you do not have cash on hand to make the gift? There may be a new way to accomplish your goals. Much of the average person’s wealth is tied up in IRAs and Qualified Plans, like 401(k)s. For years, there have been proposals in Congress to allow you to give part of your retirement plan to charity directly. Now you can give directly from your IRA (but not 401(k)), with restrictions. Prior to the new law, you would have had to … [Read more...]
Getting Value Out of Giving with Charitable Trust
Americans are givers. Recently, we gave more than $290 billion to our favorite causes, with the vast majority of charitable giving, $212 billion, donated by individuals or household donors. Federal tax laws regarding cash gifts to individuals support this generosity and can have a big impact on your estate taxes. A taxpayer can give as much as $13,000 per year to separate individuals, gift and estate tax-free. If the taxpayer is married, the couple can make gifts of up to $26,000 to any … [Read more...]
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