Do you remember Sir Richard Harris’ hit MacArthur Park? How about The Knack’s My Sharona…Barry McGuire’s Eve of Destruction…Dexys Midnight Runners’ Come on Eileen…the ubiquitous 90’s anthem Who Let the Dogs Out by the Baha Men? If not all of these songs or artists are familiar, that is not necessarily a surprise—each was the only …

In addition to its impact on charitable giving, the American Taxpayer Relief Act of 2012 (ATRA) has two salient features: Permanence. Unlike prior tax legislation, ATRA does not contain a “sunset” provision that effectively repeals the law at the end of a set term. Instead of waiting for Congress to act or guessing what Congress …

The upcoming changes in the federal tax law effective January 1, 2013, are extensive and will increase taxes across the board (especially for high-income taxpayers). There are several reasons why: The expiration of the Bush-era tax cuts The new surtaxes and a limit on medical expense deductions that are part of the 2010 healthcare law …

Charitable giving is often a regular part of financial and estate planning. Individuals who have integrated philanthropic goals into their overall estate plans have already answered the question Will I give? The key to achieving those goals lies in the answer to the question How will I give? This discussion of “how” turns on what …

Charitable bequests are by far the most popular kind of planned gift. By including a charitable bequest in a will, a testator makes a final statement in support of a qualified charity. Yet, the importance of charitable bequests is often understated; some view a bequest as simpler and less substantial compared to lifetime planned giving …

“To Be Continued…” Few things are as tantalizing and concurrently as maddening as the “cliffhanger.” For centuries this time-tested plot device has kept audiences waiting and anticipating. While the cliffhanger is a compelling narrative technique, does it have a place in federal tax policy? In December 2010, Congress passed and the President signed the Tax …

Making choices is a part of everyday life. Do you drive or take the train? Do you skip lunch so you can leave work early enough to catch your child’s school concert? Do you work this weekend to assure the bonus that would pay for the vacation to Tuscany you promised your family? From the …

A testamentary trust can enhance a comprehensive estate plan. Including a trust in a will permits the testator a modicum of control over the distribution of estate assets, which an outright bequest cannot provide. Married couples rely on certain types of testamentary trusts to preserve assets in the estate. Transfers to trusts that qualify for …

There are two basic (though not necessarily equal) reasons why people donate to a charity: one, the charity can accomplish good works with the gift; and two, the donor earns a tax deduction. If a client wants to take advantage of a deduction for a charitable contribution, an advisor must take care to explain the …

There are two basic requirements that all donors must meet in order to claim a deduction for a charitable contribution: One, the donor must determine the fair market value of the donated property; and, two, the donor must retain documentation to substantiate the donation. IRC Sec. 170(a) permits a donor to deduct the value of …