When you are contemplating the legacy that you will be leaving behind, you may consider giving to charity. Many people are passionate about certain causes, and there are those who would like to give something back to institutions that have been meaningful to them throughout their lives such as schools or hospitals. Making philanthropy a part of your legacy can be personally satisfying, but there can also be tax advantages. Everyone is aware of the fact that you can deduct charitable donations … [Read more...] about How Will You Give to Charity?
How would you feel if you were to receive a significant inheritance and then find out that the estate administrator had sent you the money by accident? This is the feeling that was experienced by Collinsville, Oklahoma animal shelter founder Susan Babbitt. Out of the blue, she received over $188,000 from the estate of a woman named Mary Kay Thomas. Though she was unaware of any connection between the deceased to Ms. Thomas and her shelter, she was certainly happy to receive the windfall because … [Read more...] about Estate Error Leaves Shelter Owner With Empty Feeling
There are various different ways to give to charity when you are planning your estate. The correct choice for you is something that you should probably discuss with an experienced estate planning lawyer. Some people would like to derive income as they set aside a certain amount of money for charities. This can sometimes be done with inherent tax advantages built-in. To this end, you may want to consider the creation of a charitable remainder unitrust. Another option would be to create a … [Read more...] about Charitable Giving: Know Where Your Money Is Going
We have an estate tax exclusion of $5.34 million in 2014, and this is a unified exclusion that encompasses taxable gifts that you give throughout your life as well as the assets that you are passing on after your death. It is worthwhile to emphasize the fact that you should not rest easy if your assets do not exceed this amount. Though you will hear the term "permanent" tossed around with regard to this $5 million exclusion with ongoing inflation adjustments, legislative changes are always … [Read more...] about Low Interest Rates Make Charitable Lead Trusts Appealing