The Problem: The tax bills passed by the House and Senate would both nearly double the income tax standard deduction for individuals (to $12,000) and couples (to $24,000) and would eliminate deductions for state income taxes. The impact of this: Most people will not be able to itemize their deductions. It’s expected the percentage of those deducting charitable donations would fall precipitously from 26 percent to 8 percent. Here’s a link to an analysis in New York magazine. Here’s another link … [Read more...] about No Charitable Deduction in 2018?
Charitable Remainder Trusts
This is another in a series of blogs on the basics of estate planning. Last week, we looked at Irrevocable Life Insurance Trusts. This week, we’ll look at charitable trusts. There are two primary types of charitable trusts, they are Charitable Remainder Trusts (“CRTs”) and Charitable Lead Trusts (“CLTs”). Trusts with split interests (in which one part goes to a charity and another part goes to a non-charitable beneficiary (like an individual)) must meet very specific rules in order to … [Read more...] about Basics of Estate Planning: Charitable Trusts
As estate planning attorneys, we have the privilege of assisting our clients in many ways. We help them plan for the welfare of their own family, through the use of trusts and Wills. We help them provide for their disabled children, through Special Needs Trusts. And, we help those with the desire to help the wider world through charitable giving strategies, such as Charitable Remainder Trusts. Last week, I travelled to Atlanta for the semi-annual meetings of the national Planned Giving Advisory … [Read more...] about Philanthropy