Individuals who save for retirement likely own an Individual Retirement Account (IRA) or hold one or more qualified retirement plan (e.g., a 401(k) plan) accounts or both. However, there are rules and limitations on how much one can save for retirement using these accounts. And, there are rules on how distributions from these accounts during …

Since Congress passed the Tax Reform Act of 1969, the charitable remainder trust (CRT) has been an especially useful tool for achieving charitable and personal financial goals. Though it must meet strict requirements to qualify, a CRT can be drafted to meet a variety of retirement, estate, and charitable planning needs. Introduction: The Importance of …

Business owners, executives, professionals, and highly compensated consultants or employees are motivated to save for retirement. They may receive a salary or reliable fees, but total compensation can vary from year to year. Business owners, executives, professionals, and highly compensated consultants or employees are motivated to save for retirement. They may receive a salary or …

The charitable gift annuity is a favorite with donors: simple to execute and flexible enough to fit many personal financial plans. The charitable gift annuity generates both an income tax deduction and a lifetime payout for one or two annuitants selected by the donor. Planned Giving in Difficult Economic Times: Options to Consider Charitable Gift …

The general rule is that a donor cannot claim a deduction for a charitable gift of a partial interest in a property [IRC Sec. 170(f)(3)(A); IRC Sec. 2522(c)(2); IRC Sec. 2055(e)(2)]. However, there are exceptions to this rule, such as a gift in trust, a gift of a remainder interest in a personal residence or …

A charitable gift annuity is an agreement between a donor and a charity: the donor gives cash or property, and the charity promises to make payments to one or more annuitants at a payout rate determined by the age(s) of the annuitant(s). The donor’s gift is considered part gift and part annuity, much like a …

If the donor’s estate will likely be subject to federal estate tax, or if the donor wants to provide creditor protection to beneficiaries, the donor should also establish an irrevocable life insurance trust (ILIT). The trustee of the ILIT purchases a life insurance policy on the donor’s life with a death benefit usually equal to …

A charitable organization must pursue one or more tax-exempt purposes constituting the basis of its tax exemption [Reg. Sec.1.501(c) (3)-1(c)(1)]. The Internal Revenue Code Sec. 501(c) specifies such purposes as religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition, or for the prevention of …